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Trading Maxims/Quotes
I would like to start an ongoing thread where traders can post quotes/maxims that they feel pertain to the game of trading.....
Feel free to post ANY quote that pertains to trading, but for the sake of a clean thread lets try not to have an ongoing discussion of them...JUST THE QUOTES!
PEACE and good trading,
Commisso
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Jesse Livermore / "How to trade stocks"
--"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical (technical) formations and patterns recur on a constant basis."
--"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."
--Don't take action with a trade until the market, itself, confirms your opinion. Being a little late in a trade is insurance that your opinion is correct. In other words, don't be an impatient trader.
--"It is foolhardy to make a second trade, if your first trade shows you a loss. Never average losses. Let this thought be written indelibly upon your mind."
--"Remember this: When you are doing nothing, those speculators who feel they must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes."
--"When a margin call reaches you, close your account. Never meet a margin call. You are on the wrong side of a market. Why send good money after bad? Keep that good money for another day."
--"Successful traders always follow the line of least resistance. Follow the trend. The trend is your friend."
--A prudent speculator never argues with the tape. Markets are never wrong--opinions often are.
--Few people succeed in the market because they have no patience. They have a strong desire to get rich quickly.
--"I absolutely believe that price movement patterns are being repeated. They are recurring patterns that appear over and over, with slight variations. This is because markets are driven by humans--and human nature never changes."
--When you make a trade, "you should have a clear target where to sell if the market moves against you. And you must obey your rules! Never sustain a loss of more than 10% of your capital. Losses are twice as expensive to make up. I always established a stop before making a trade."
--"I am fully aware that of the millions of people who speculate in the markets, few people spend full time involved in the art of speculation. Yet, as far as I'm concerned it is a full-time job--perhaps even more than a job. Perhaps it is a vocation, where many are called but few are singled out for success."
--"The big money is made by the sittin' and the waitin'--not the thinking. Wait until all the factors are in your favor before making the trade."
PEACE and good trading,
Commisso
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"Trade what you see, Not what you think"
__________________
Trade what you see, not what you think..and be content
"It's not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change."
---Charles Darwin
Embrace Risk
"The best traders not only take the risk, they have also learned how to accept and embrace that risk"
Mark Douglas ... Trading in the Zone
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Re: Jesse Livermore / "How to trade stocks"
Memorable Quotes from Reminiscences Of A Stock Operator
http://www.siliconinvestor.com/stoc...?msgid=14146702
http://www.siliconinvestor.com/stoc...?msgid=14147363
Simplicity
"Everything should be made as simple as possible, but not simpler"
Albert Einstein
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Loosing Oneself
"What is true of archery and swordsmanship also applies to all other arts. Thus, mastery in ink-painting is only attained when the hand, exercising perfect control over technique, executes what hovers before the minds eye at the same moment when the mind begins to form it, without there being a hair bredth between. Painting them becomes spontaneous calligraphy. Here again the painter's instructions might be: Spend ten years observing bamboos, become bamboo yourself, then forget everything and -- paint"
Eugen Herrigel ---- Zen in the Art of Archery
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Transcend Technique
"If one realy wishes to be a master of an art, technical knowledge of it is not enough. One has to transcend technique so that the act becomes an "artless art" growing out of the unconscious"
D.T. Suzuki --- Zen Buddhism
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
trading is a war, you bet, you take risk, you win or lose, you bet again,
-----------, at last you win or lose,
try to get a good weapon, a good plan, keep a good mindset, you will win and make a lot of money
"I merely took the energy it takes to pout and wrote some blues"
Duke Ellington
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Yogi
"You've got to be very careful if you dont know where you are going, because you might not get there"
Yogi Berra
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Here's a few of my favorites (and I apologize for not properly attributing them):
"If you don't know who you are, Wall Street is one of the most expensive places to find out.
"There are old traders, there are bold traders, but there are no old, bold traders.
"There are a million ways to make money in the market. The irony is that they are all very difficult to find.
"Most traders take a good system and destroy it by trying to make it into a perfect system.
"If you're going to panic, panic early.
"We don't see things as they are, we see things as we are.
"If you look around the table and don't see a sucker, then you are the sucker.
"If you find yourself in the bottom of a deep hole, the first thing to do is stop digging.
"The system wasn't designed so that most people could beat it.
"At all levels of play the secret of success lies not so much in playing well as in not playing badly.
"The most dangerous thing in the world is to think you've got the time to play it safe."
Detachment
"The main obstacle lies in distancing ourselves from our emotions"
Benard Baruch
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
ED
"Win or lose, everybody gets what they want out of the markets. Some people seem to like to lose, so they win by losing."
Ed Seykota
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Hope
"HOPE" is a four letter word that your ego uses to curse you out...
John H. Hayden --- The 21 Irrefutable Truths of Trading
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Consistency
"The key is consistency and discipline. Almost anybody can make up a list of rules that are 80% as good as what we taught. What they can't do is give (people) the confidence to stick to those rules even when things are going bad."
Richar Dennis
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Courage
"Being a successful trader also takes courage; the courage to try, the courage to fail, the courage to succeed, and the courage to keep going when the going gets tough"
Michael Marcus
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
'It does not matter how many times you get knocked down, but how many times you get up.'-- Vince Lombardi
'Only those who dare to fail greatly can ever achieve greatly.' -- Robert F. Kennedy
"The eyes of the dove are lovely, my son. But the hawk rules the skies, so cover your dove-like eyes and grow claws."
-author unknown
The greater the expectation traders have about something happening the less tolerance they have for dissapointment.
When you are in a trade constantly ask yourself if anything "has to happen" Remember there is a big difference in perspective between "what is happening" and something the "has to happen"
We have to be willing to face the truth about ourselves so we can confront the truth outside ourselves.
No one likes to acknowledge what we perceive to be our weaknesses. Yet it is exactly what we need to do to grow beyond them. Otherwise we keep building our lives on this illusion that requires so much energy, alcohol, or drugs to maintain that it eventually has to crumble, leading to a very painful forced awareness.
............................................ Marc Douglas "Disipline Trader"
Expectations "the great grace killer" Charles Swindol
__________________
Trade what you see, not what you think..and be content
Quote
Trading is not about winning and losing. Trading is about taking more Reward than Risk from the market in the long run.
-Me
Quote
"Experienced traders control risk, inexperienced traders chase gains."
-Alan Farley
Refuse to heed anyone's advice - unless that person is willing to give you satisfactory evidence of the soundness of his or her counsel. You will save yourself from hucksters, the misguided, and fools. -Napoleon Hill
The businessman who is able to calculate his risks - and then is willing to take them - has his battle for success nine-tenths won. The remaining one-tenth is the unknown variable, the unpredictable factor that puts the zest and excitement into the game. Without that "x" factor, business would be hopelessly dull, routine and uninteresting. -J. Paul Getty
__________________
- "As a man believeth in his heart, so is he"
- "Trying to understand the market is like a blind man, blindfolded in a dark room, chasing a black cat that isnt there.."
'Anything truly interesting in business - or life - is a gamble. The trick is not to think you are going to win all the time. What makes a winner is winning more times than losing. There are times of caution, of hedging your bets, but those whose whole life is based on caution never, in my experience, come out on top.'
- Al Casey
'While enthusiasm may be necessary for great accomplishment elsewhere, in Wall Street, it almost invariably leads to disaster'
- Benjamin Graham
'The securities industry, is not a service industry. It is a manufacturing industry. If you want a stock, Wall Street will make it for you. Any business, any kind you want.... But remember, there can be too much of even the best things'
- Ralph Wanger
"The market can remain irrational longer than you can remain solvent"
- John Maynard Keynes
Money
"Money is the most important thing in the world. It represents health, strength, honor, generosity, and beauty as conspicuously as the want of it represents illness, weakness, disgrace, meanness, and ugliness." --- George Bernard Shaw
"The use of money is all the advantage there is in having money." --- Benjamin Franklin
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
quotes...
"Before deciding that question I had grasped the significance of the silence of the dog, for one true inference invariably suggests others."
-Sherlock Holmes --- The Silver Blaze
My trading is governed more by what is missing from the price action then what is there for all to see, so I sum it up this way...
"The dog that did not bark often howls the loudest"
or
"That which should go up...SHOULD GO UP!!"
-Bo Yoder
-Bo 
Trend is your friend...
"Trends tend to persist ...... until they dont. And thats why god made stops" --- Frank Gretz
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Go Away!
"The truth knocks on the door and you say, go away. 'I'm looking for the truth.' And so it goes away" ---- Robert M. Pirsig, Zen in the art of motorcycle maintenance
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
All the answers lie here www.elitetrader.com
Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it. --Will Rogers (1879-1935)
"If the idea and importance of transforming your trading behavior into a precise art form comes at all as a shock or suprise to you, then you have just graduated from the UNCONSCIOUS IMMCOMPETANCE phase to the CONSCIOUS INCOMPETANCE phase" ---- Richard McCall The Way of the Warrior Trader
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"I base my calculation on the expectation that luck will be against me." --- Napoleon
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Simplicity
"Out of clutter find simplicity; from discord find harmony." --- Einstein
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Hard Work
"I never did anything worth doing by accident , nor did any of my inventions come by accident; they came by hard work. --- Thomas Edison
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Oppurtunity
"The gods cannot help those who do not seize oppurtunities" --- Confucious
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Polarity
"When opposites supplement each other, everything is harmonious" --- Lao Tzu
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Weakness/Strength
"Weakness indulged equals greater weakness. Strength exerted equals greater strength." --- Carlos Casteneda
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"Decieve the deceivers" --- Ovid
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"A consistent man believes in destiny, a capricious man in chance." --- Disraeli
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Human Behavior
"History repeats itself in the stock market. Many price patterns and price consolidation structures that stocks form are repeated over and over again." William J. O'Neil
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Fear
"Our doubts are our traitors, And make us lose the good we oft might win by fearing to attempt" --- Shakespeare
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Embrace Risk
"When you've achieved a state of mind where you truly accept the risk, you wont have the potential to define and interpret market information in painful ways." Mark Douglas --- Trading In The Zone
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"You will need to learn how to adjust your attitudes and beliefs about trading in such a way that you can trade without the slightest bit of fear, but at the same time keep a framework in place that does not allow you to become reckless." Mark Douglas --- Trading In The Zone
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"The hold, card reality about trading is that every trade has an uncertain outcome." Mark Douglas --- Trading In The Zone
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Taking Responsibility
"Honesty is the best policy and spinach is the best vegetable" 
Popeye
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Failure
"Failure! There is no such word in all the bright lexicon of speech, unless your yourself have written it there. There is no such thing as failure except to those who except and believe in failure"
Orison Swett Marden
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Hard Work
"The reason most people do not recognize oppurtunity is because it usualy goes around wearing overalls looking like had work." Thomas A. Edison
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"Your mind is a sacred enclosure in which nothing can enter except by your permission." Ralph Waldo Emerson
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"The greatest efforts in sports come when the mind is still as a glass lake." Timothy Galloway --- The Inner Game of Tennis
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"Natures way is simple and easy yet men prefer the intricate and artificial" Lao Tzu -- Tao Te Ching
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"The Tao of nature
is to serve without spoiling
The Tao of evolved individuals
is to act without contending"
Lao Tzu -- Tao Te Ching
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Active trading quote
I never buy at the bottom and I always sell too soon...............................Baron Rothchild quote-Yale Hirsch Stock Traders Almanac{proves on the stock charts}
__________________
murray t turtle,nickname,not an alias
You must anticipate the anticipators-- a paraphrase of a wall street guy-- perhaps Bernard Buruch
anticipate the anticipators and use a stop loss.
jem
"Matters of great concern should be handled lightly;
Matters of small concern should be handled seriously"
"All descisions should be made within the space of seven breaths"
"If discrimination is long it will spoil"
Hagakure
"If there is doubt; then there is no doubt" De niro --- Ronin
"The opportunity of a lifetime must be seized during the lifetime of the opportunity." -Leonard Ravenhill
__________________
- "As a man believeth in his heart, so is he"
- "Trying to understand the market is like a blind man, blindfolded in a dark room, chasing a black cat that isnt there.."
"Think like a man of action, act like a man of thought." - Henri Bergson
__________________
- "As a man believeth in his heart, so is he"
- "Trying to understand the market is like a blind man, blindfolded in a dark room, chasing a black cat that isnt there.."
Apollinaire said
"Come to the edge."
"Its too high."
"Come to the edge."
"We might fall."
"Come to the edge."
And they came.
And he pushed them.
And they flew.
-Speech given by Garland Wright
__________________
- "As a man believeth in his heart, so is he"
- "Trying to understand the market is like a blind man, blindfolded in a dark room, chasing a black cat that isnt there.."
"The reasonable man adapts himself to the world. The unreasonable man persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man." -George Bernard Shaw
__________________
- "As a man believeth in his heart, so is he"
- "Trying to understand the market is like a blind man, blindfolded in a dark room, chasing a black cat that isnt there.."
"This is the highest wisdom that i own... freedom and life are earned by those alone who conquer them each day anew." -Goethe
__________________
- "As a man believeth in his heart, so is he"
- "Trying to understand the market is like a blind man, blindfolded in a dark room, chasing a black cat that isnt there.."
'In the long run, we'll all be dead...'
- John Maynard Keynes
Every exit is an entry somewhere.
People only see what they are prepared to see.
As I used to sit in a monthly meeting at an Engineering firm I worked at (before I became a trader) - the CEO would tell us that the good times were just around the corner (I think we traveled in a circle then). While he was talking, the following thought always played over and over in my mind:
"Hope is not a strategy."
__________________
deepitm
Former market maker quote
''Studing and finding as many indicating factors as possible............and remain in the game.................seek and you shall find.''................................Former market maker , prop trader,author,Rogan LaBier.........................................
__________________
murray t turtle,nickname,not an alias
Man is extremely uncomfortable with uncertainty. To deal with his discomfort, man tends to create a false sense of security by substituting certainty for uncertainty. It becomes the herd instinct.
--Bennet W. Goodspeed, The Tao Jones Averages
Winners find a way to win. Losers find a way to lose.
Whether you think that you can, or that you can't, you are usually right.
Henry Ford
Never enter a fight unless the odds are grossly unfair toward your enemy.
Terry Bedford
The market can remain irrational longer than you can remain solvent.
John Maynard Keynes
Obstacles are those frightful things you see when you take your eyes off your goal.
Henry Ford
The only genius is being able to go from failure to failure with no loss of enthusiasm.
Thomas Edison
A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.
Winston Churchill
There are no holy grails, just clues.
Jon Markman
Trading like Golf
Trading is like golf.....
-Many can make a par, but in the end only a few can finish at par.
-Its the score on the card that counts, not how you got it.
Me, a golfer
Assiduus usus uni rei deditus et ingenium et artem saepe vincit.
Constant practice devoted to one subject often outdoes both intelligence and skill - Cicero
Est unusquisque faber ipsae suae fortunae.
Every man is the artisan of his own fortune
- Appius Claudius
"Give a man a match and he'll be warm for an hour... Set
him on fire and he'll be warm for the rest of his life."
"Better to live on the corner of the roof than share a house with a quarrelsome wife." -Proverbs 21:9
"Better to live in a desert than with a quarrelsome and ill-tempered wife" -Proverbs 21:19
Make your enemy work while you wait at leisure.
Are the insane sane and the sane insane, whose to judge the sane or the insane?
__________________
"You can't make an omelete without breaking an egg"
Confucius
5 year edge
She said [one of the top traders in Blackwood Trading]"I started reading the Wall Street Journal at age 5''[fast,scalper]
__________________
murray t turtle,nickname,not an alias
12 Year hedge edge king
Age-51,work-king size hedge fund......................................................Initial spark-recieved 2 shares stock at age 12-Mark Kingdon,Kingdon Capital Management..........................................
__________________
murray t turtle,nickname,not an alias
"Sun Tzu reminds us that the victorious army wins first and then seeks battle. A wise leader rigorously adheres to method and discipline, and thus it is in his power to control success."
The Art of War
Sun Tzu
__________________
Everybody gets what they want out of the market
Ed Seykota, Market Wizards
Candletrader is always up to the challenge of a Yahoo Pool contest (Yahoo Messenger candletrader2003)
murray t turtle, you scare me... I can only hope that what you're saying makes sense to you!
"Don't just do something, stand there!"
-Daniel Berrigan
Tools and Tactics for the Master Day Trader
Oliver Velez, Greg Capra
Sun Tzu said that if fire breaks out but the enemy's soldiers are quiet, bide your time.
Sun Tzu
The Art of War
The best trading analogy is to buy when market markers drop their bids but there is little selling.
__________________
Everybody gets what they want out of the market
Ed Seykota, Market Wizards
Candletrader is always up to the challenge of a Yahoo Pool contest (Yahoo Messenger candletrader2003)
Sun Tzu said that ground that includes mountains, forests, steep terrain, and marshes is difficult ground.
Sun Tzu
The Art of War
The best trading analogy is to stay in cash in choppy markets
__________________
Everybody gets what they want out of the market
Ed Seykota, Market Wizards
Candletrader is always up to the challenge of a Yahoo Pool contest (Yahoo Messenger candletrader2003)
Sun Tzu reminds us that he who can change tactics relative to his opponent shows rare accumen.
Sun Tzu
The Art of War
The best trading analogy is to be adaptable to changing market conditions
__________________
Everybody gets what they want out of the market
Ed Seykota, Market Wizards
Candletrader is always up to the challenge of a Yahoo Pool contest (Yahoo Messenger candletrader2003)
Sun Tzu advises that when traveling over difficult ground, watch for a surprise attack.
Sun Tzu
The Art of War
The best trading analogy is to avoid trading the mid-day doldrums when market makers can take advantage of the low volume to knock out unwary traders
__________________
Everybody gets what they want out of the market
Ed Seykota, Market Wizards
Candletrader is always up to the challenge of a Yahoo Pool contest (Yahoo Messenger candletrader2003)
Sun Tzu said that ground which is of equal value to either side is contentious ground. Therefore, attack not.
Sun Tzu
The Art of War
A good trading analogy is when scalping a Nasdaq stock... if you see GSCO heavily bidding and another heavyweight consistently and strongly offering, there is a tug of war going on... stay out of the way
__________________
Everybody gets what they want out of the market
Ed Seykota, Market Wizards
Candletrader is always up to the challenge of a Yahoo Pool contest (Yahoo Messenger candletrader2003)
written help
Partner,CPA,Robert Katz [Katz and Asher LTD],writer,put it in writing ''choose a point at which you will sell................................................[write mine in trading notebook]
__________________
murray t turtle,nickname,not an alias
Nasdaq,NYSE written help
READ this specialist...............................Specialist,writer,Justin Mamis ''institutions tend to dump stock in a single transaction''.......................................Stock Traders Almanac by Yale Hirsch [pull the trigger the same way ,on written stop]
__________________
murray t turtle,nickname,not an alias
Embrace Risk
"Embrace risk; for it is oppurtunity"
--- me 
"Those who think they know, dont
and those who know they dont know, do"
Lao Tzu --- Tao Te Ching
commisso, thank you very much for your great posts.
great year 2002.
"He that cannot abide a bid market deserves not a good one"
(English proverb, unattributed)
Turn on a dime,trading
The question was-Turn on a dime, when you think you are wrong?.....................................You better be able to do that.This is not a perfect game.Most traders make money in the 50 to 55% range.....................................Jack Schwager-Steve A Cohen inhterview.
__________________
murray t turtle,nickname,not an alias
From Todd Harrison:
"Respect price action, but don't defer to it"
"Discipline trumps conviction"
The markets does not like to accomdate, they do the obivious
in an unobivios way.
Written goals
Give me a stock clerk with a goal and I will give you a man who will make history.....................J C {James Cash} Penny , Thru Yale Hirsch Stock Traders Almanac
__________________
murray t turtle,nickname,not an alias
We must learn to differentiate clearly the fundamentally important, that which is really basic, from that which is dispensable, and to turn aside from everything else, from the multitude of things which clutter up the mind and divert it from the essential.
-Albert Einstein
One of my goals has been to be able to trust my own judgement better than any of the gurus and authors and I think I'm making progress toward that end. I hope that doesn't sound boastful. I think it should be the goal of every trader.
-Me
Some would rather treat trading as an academic practice than a money making one
Plans of the diligent lead to profit
as surely as haste leads to poverty.
-Proverbs 21:5
Pride goes before destruction,
a haughty spirit before a fall.
-Proverbs 16:18
" He that maketh haste to be rich considereth not that poverty shall come upon him" --Prov 28:22
__________________
"Trading is Easy if you have another income source"
Small gains / Big Losses
"You can't eat like a bird and shit like an elaphant"
Blow offs / Capitulation
"When the ducks start quakin FEED them"
"When the circus comes to town, you best go out and sell some peanuts"
Because if
you don't sell them peanuts when the people are asking for them,...well, when the circus leaves, you know what is the only job available in town.... hehe
Josh
This one does not have anything really to do with trading, but does have everything to do with these boards...
"Never argue with a fool, someone from a distance may not be able to tell who's who" -- JAY-Z, but I think I also read it in The Hagakure
Quote
"Walk a mile in someone's shoes before you criticize them ... that way you are a mile away when you criticize them and you have their shoes" --- bob and tom radio show
A mile, second mile top trader,quote
Jack Schwagers top traders quote,the paperwork he dedicated to his kind mother........................Atlanta GA,top trader,admits he likes Jim Cramer[Cramer-Berkowitz hedge fund]-Michael Masters................................Michael Masters-''Write down what you have learned.................exit a trade within a predefined length of time ,the time stop is triggered''........................Personal, try, war or no war,try to stay in the game..............My favorite time stops;as much time as possible on the right side of moving averages. Also use top traders stop-5, 15,30,60 minutes,2,5days.........................{written stop number in notebook]
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murray t turtle,nickname,not an alias
Accepting Risk
"There is much to be learned from a rainstorm. When meeting with a sudden shower, you try not to get wet and run quickly along the road. But doing such things as passing along the eaves of houses you still get wet. When you are resolved from the beginning, you will not be perplexed, although you will still get a soaking...This understanding pertains to all things..."
Hagakure
"A good technician gets it right maybe 60% of the time. And a great technician, maybe 61% of the time."
Gary B. Smith
"Trade small. Sure, you're not going to get rich very fast. But that will take care of itself. What you want to do is have the luxury of getting poor very slowly."
Gary B. Smith
"The market humbles you daily."
Jim Cramer
"The best traders aren't risk takers, but risk managers. The best traders are those who have no opinions whatsoever. They look for the trend and keep their bets small."
Jonathan Hoenig
"The real reason so few succeed in trading is because the traits required for success are almost exclusively psychological."
Gary (not B.) Smith
"Major stock market moves are not about a change in the underlying fundamentals, they are about changes in sentiment."
Terry Bedford
"Know the rule and let the exception go. An exception will reinforce bad trading habits, especially if you make money."
Ken Wolff
"Our true strength at Cramer Berkowitz was that we did not care about what the market did. It was irrelevant. We never relied on the market to make us money."
Jim Cramer
"The point of this whole exercise is to make money. Everything else is just conversation."
Jonathan Hoenig
"As a trader it is more important to know that you will always follow your rules than it is to make money, because whatever money you make, you will inevitably lose back to the markets if you can't follow your rules."
Mark Douglas - The Disciplined Trader
"If the market were logical, we'd all be winners. So let's give up applying a system of expected outcome... The brightest minds in the world can't figure it out, so how can we expect to do it?... Just give up that idea that we can figure it out! Listen to the market shout a very clear and unmistakable direction to us. All we have to do is to listen, feel and follow the market's signals and not hope the market follows our lead. Rest assured. It won't!"
Edward Allen Toppel
All the time,every day quote
I make mistakes all the time.Every day I come in and get humbled[he laughs] '' Jack Schwager-Michael Masters ,top trader interview.............., [ M. Masters does do well at cutting losses.......]
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murray t turtle,nickname,not an alias
Daily quote
''No matter what kind of stock you buy ,nabbing it at the right time is always the best way to protect yourself.''.................................''First study its past action on a weekly or daily chart.''Investors Business Daily 1/8 /02...............................[They are more business daily than investors and some of us like to study weekly, daily,,,,,,,,,,charts;not just weekly or daily....................]
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murray t turtle,nickname,not an alias
Of itself so
"The market is an irrational creature that feeds off of fear and greed" Jeff Cooper - - - The Best
"To say that the markets have bouts of irrational exuberance is missing the point" Jeff Cooper - - - The Best
"I like to compare the idea of being a trader to that of being a baseball hitter. A top hitter connects maybe 3 out of 10 times and makes millions of dollars. If he lets the other seven "failures" bother him, hes not going to be able to get up there again to swing the bat" Jeff Cooper --- The Best
"As soon as I see someone whos cocky enter this game I just put on the stop watch because I know it is just a matter of time before the market eats his lunch" Jeff Cooper
"If you want action ---- go to vegas!" Jeff Cooper
"25% of the volume is tape painting"
Edward Lefevere
Jesse Livermore's Stock Trading Tips
The speculator's chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation when the market goes against you hope that every day will be the last day--and you lose more than you should had you not listened to hope--to the same pioneers, big and little. And when the market goes your way you become fearful that the next day will take away your profit, and you get out--too soon. Fear keeps you from making as much money as you ought to. The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. Instead of hoping he must fear; instead of fearing he must hope. he must fear that his losses may develop into a much bigger loss, and hope that his profit may become a bigger profit. It is absolutely wrong to gamble in stocks the way the average man does.
Stocks are always overvalued - period!
"In both bull and bear markets, someone will always say that stocks are overvalued. And, of course, that person will be right one day. But as a trader, it is wise to take positions in the direction of the momentum rather than form an opinion. The best traders I know blew their accounts shorting an overvalued stock that kept going higher."
Side note: Since the day I started trading, the bears always had a "legitimate" argument. Stocks were always overvalued and a call for a big bear market was made. I remember when the Dow hit 4000 and the bears called for 2000. And kept saying we will crash. Hmmm they were right at one point, but the low we made was still twice the 4000 high.
One of the hardest adjustments to make is to be bullish after a bear market. Especially because the bear argument is fresh in our minds and the overall market psychology isn't that great. After all, how can XYZ stock could possibly be worth three times as much as it was trading last month? Nothing really changed or did I miss something ... hmmm.... that's when they leave you behind. And the pullback that we all want doesn't come. And not until we ALL say,if you can't beat them join them,and we finally buy stocks that the market will top. This is how the game is played...
Oh and when I say the best traders blew their accounts while shorting overvalued stocks I mean it. KTEL, AMZN, YHOO, CMRC, KKD, and INSP took not only professional traders out of the game but also market makers. I can count 11 traders that I personally know who lost ALL their money being short one of the above stocks.
Great thread
Tony
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Author of the Oz-Scanner
Opportunity
Opportunity never knocks, it stands by, silently, waiting to be recognized... Randy Morrison
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Proverbs 19:23
In other words
"If it knocks loudly, then it definately isn't opportunity"
So true.
Patience
Patience is the weapon that forces deception to reveal itself...
Never spend more time on a critic than you would give a friend...
You will never reach the palace talking like a peasant....
You will never outgrow warfare, you must simply learn to fight...
What you fail to master in your life will eventually master you...
"Wisdom Keys" ...Mike Murdock
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Proverbs 19:23
Elaphants
"Big institutions can't hide - you can always hear an elephant coming - and what they do results in some fairly easy to spot patterns" Kevin Haggerty The Best
ELEPHANT help, Solomon Cohen quote
Solomon Cohen campared [accurate paraphrase ] an active trader to a cheetah or a mountain lion.................Translation [1] A mountain lion NEVER jumps on a cape buffalo-size too big, size too deadly.............................[2] A mountain lion does like a big beef steak or venison steak,moves s-l-o-w like a turtle when watching a deer or a stock watch list...............................[3]A mature mountain lion knows that a deer ,more often than not moves along an approximate path.For example your favorite NASDAQ stock may move 11%,or 22% in one day or one week ,but maybe not much more ................Acurate paraphrase care of Bulls, Bears,Millionaires book...........................Double checked 11-22 percent -Stock Traders Almanac-Hirsch
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murray t turtle,nickname,not an alias
"Defense is for times of insufficient strength and offense is for times of great strength"
SunTzu
The Art of War
"There are thousands of ways to make money out there. Thousands. No one way is right. I happen to think my way is better for me, or I would do it another way. I know it is right for me because it has made me a ton of money."
Jim Cramer
"When you are scared or worried, then do not screw around with getting out. Just get out. Don't try to game a pullback, or wait for a better opportunity."
Gary B. Smith
"If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in."
Paul Tudor Jones
"Sometimes you need to get away from the screens and listen to the music. The market will be there when you return."
Todd Harrison
on pressure situations
BTW, this is a great thread
on dealing with high pressure situations, there was a quote from a baseball pitcher in the early 80's, I can't remember who, but I'll look it up....
(not exact quotes, but close)
a reporter asking the pitcher of a great world series performance how he was able to be so cool and calm in the face of such pressure. He replied that he thinks about the black ice theory (I think that's what it's called, I'll check for sure) in which scientists say about 5 billion years from now the sun will die and the Earth will be a black chunk of ice. When that happens, who's gonna give a damn about my pitching then?
Cheers
job
not sure of the author.....
"find a job you love and you'll never work a day in your life"
"Si Hoc Legere Scis Nimium Eruditonis Habes "
Translation "If you can read this you are overeducated"
You can't eat like a bird and sh*t like an elephant.
Old Wall Street Maxim
apologies if already posted, only read 75% of thread
Jack Schwager bonus quote
New quote thru Jack Schwager..........''Just because a trading system makes money in the stock market doesnt mean it's a good system''Tech nical Analysis of Stocks&Commodities magazine,bonus issue,2002.......................[trading improve article] 
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murray t turtle,nickname,not an alias
top trader question
Top trader Mark Cook asks question ''how long have you been trading ? If someone tells me three years ,that impresses me because it tells me they've with stood the test of time-even if they haven't been sucessful..................If new traders can live the first six months to a year , they have hope of suceeding.''............Mark Cook-Active Trader mag [8/2001] interview ,saying what impresses top trader Mark Cook.............
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murray t turtle,nickname,not an alias
I liked this
From Ken Wolfe in Realmoney.com today
The hardest part of playing the stock market is the daily dose of regret. We regret not only the stupid trades we have made, but also the good ones we wish we had made.
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Tony
Haiku
Two Twenty in pocket
Today is very good to me
Bottle wine in my future
If you don't know where you are going, you won't know when you get there....
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Proverbs 19:23
Somtimes when you get lost, you end up someplace better.. =)
-qwik
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- "As a man believeth in his heart, so is he"
- "Trying to understand the market is like a blind man, blindfolded in a dark room, chasing a black cat that isnt there.."
Qwik,
You reminded me of one of my favorite quotes from Alice in Wonderland:
"Would you tell me please, which way I ought to go from here?
That depends a good deal on where you want to get to.
I don't much care where.
Then it doesn't matter which way you go."
Things aren't always what they seem.
Skim milk masquerades as cream.
"THE recognition of our own mistakes should not benefit us any more than the study of our successes. But there a natural tendency in all men to avoid punishment. When you associate mistakes with a licking, you do not hanker for a second dose, and of course, all stock market mistakes hit you in two tender spots -- your pocket book and your vanity...." Edwin Leferve Stock Operator
Studying success,failure,LUV quote
Active Trader mag,2/2002 quote concerning LUV....................................Hickory dickory dock..........The trader fell in love with his stock........................He held on too tight.....Convinced he was right......And now he works nights mending socks.
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murray t turtle,nickname,not an alias
"Speculation, in its truest sense, calls for anticipation" --- Richard W. Wycoff
"Take every gain without showing remorse about missed profits, because an eel may escape sooner than you think" Joseph de la Vega
Freedom is the instant between when the market tells you to do something and when you decide how to respond.
"If you are out to describe the truth leave elegance to the tailor."
Albert Einstein
"It is the truth that liberates, not our efforts to be free."
"It is hard to believe that a man is telling the truth when you know that you would lie if you were in his place."
H.L. Mencken
"Losing an illusion makes you wiser than finding a truth."
Ludwig Borne
"From error to error, one discovers the entire truth."
Sigmund Freud
"If you tell the truth, you don't have to remember anything."
Mark Twain
"Man is the only animal to blush; he is the only one that NEEDS to" --- Mark Twain
Technical Analysis
Technical Analysis of Stocks &Commodoties,Bonus Issue 2002 ..............................[1]''never lose money [2]never forget the first rule[3]Think independently............................[last rule]..........................Do not diversify excessively''.............................Senior Warren Buffet
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murray t turtle,nickname,not an alias
Risk arb and translation
[Senior Warren]''Buffet also engages in short term trading.....................risk arbitrage[translation].This type of transaction involves buying a security when an announced change , such as a merger or liquidation will increase the price.........................''Technical Analysis of Stocks&comodities mag,bonus issue 2002
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murray t turtle,nickname,not an alias
For tough trading days
"It is not the critic who counts, not the man who points out how the strong
man stumbled, or where the doer of deeds could have done them better. The
credit belongs to the man who is actually in the arena; whose face is marred
by dust and sweat and blood; who strives valiantly; who errs and comes short
again and again; who knows the great enthusiasms, the great devotions, and
spends himself in a worthy cause; who, at the best, knows in the end the
triumph of high achievement; and who, at worst, if he fails, at least fails
while daring greatly, so that his place shall never be with those cold and
timid souls who know neither victory nor defeat. "
-- Theodore Roosevelt --
When Nature has work to be done, she creates a genius to do it.
Not he is great who can alter matter, but he who can alter my state of mine.
The key to every man is his thought . . . . He can only be reformed by showing him a new idea which commands his own.
Whatever you do, you need courage. Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising that tempt you to believe your critics are right. To map out a course of action and follow it to an end requires some of the same courage that a soldier needs. Peace has its victories, but it takes brave men and women to win them.
That which we persist in doing becomes easier for us to do; not that the nature of the thing itself is changed, but that our power to do is increased.
-- Ralph Waldo Emerson
Risk control is the most important thing in trading.
Paul Tudor Jones
Tend to trend quote
Ben Warwick [interesting name]interview,Active Trading Mag, 2/2002..........................''For short term traders the most important thing to know -that large price changes tend to reverse,small price changes tend to trend''.............................................[Personal,STOCK Traders Almanac helps define ''large'',small''and Ben warwick is carefully trading in this war,beating SPY,even with 4.88%loss in one trade................................
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murray t turtle,nickname,not an alias
Likes lists,charts quote
Personality test,thru writer Florence Littauer,last 8 pages'melancholy personality.......................''likes charts ,graphs figures, lists.''.............Thru book How to Get Along with Difficult People.........................She nicknames the melancholy ''the thinker''
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murray t turtle,nickname,not an alias
Emptiness
"When actions are directly related to the problem of life and death, they (recollection and expectation) must be given up so thay they will not interfere with the fluidity of mentation and the lightning rapidity of action" D. T. Suzuki
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"Success in kyudo (the WAY of the bow) does not mean hitting the target. Success, if that us the correct word, is the firing of the bow while being in the desired frame of mind. This state is one in which the archer is not driven by wish to succeed. His mind should be empty of intention and filled with pure awareness of the present moment"
Paul Crompton
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"The Stock Market is a source of self enlightnment"
ME
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"Year after year I practiced; On March 30, 1880, I reached the state of no-enemy. I cannot descibe my joy at that time.... I was 45 years old. As I recalled my previous notions of skillfulness and ineptness, fighting and no fighting, I realized that these dichotomies have nothing to do with the opponent; all these things are creations of ones mind. If there is self, there is an enemy; if there is no self there is no enemy" Stevens
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"Adversity introduces a man to himself." — Anonymous
"The gem cannot be polished without friction." — Chinese proverb
"The farther a man knows himself to be free from perfection, the nearer he is to it." — Gerard Groote
"Life is a compromise of what your ego wants to do, what experience tells you to do, and what nerves let you do." — Bruce Crampton
"Man looks in the abyss, there's nothing staring back at him. At that moment, man finds his character. And that is what keeps him out of the abyss." The old wiseman from the movie Wall Street
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"The richest one percent of this country owns half our country's wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It's bullshit. You got ninety percent of the American public out there with little or no net worth. I create nothing. I own." Gordon Gecko -- Wall Street
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"My advice to any young man at the beginning of his career is to try to look for the mere outlines of big things with his fresh, untrained, and unprejudiced mind."
H. Selye
"It will be objected that this sharpness or clarity involves certain distortions or misrepresentations, depending on over-simplifications. But this is the perennial dilemma of the teacher: the teaching of facts and figures vs. the teaching of truth. To convey a model the teacher must reify and diagram and declare clearly what cannot be seen at all. The student must "learn" things in order to realize subsequently that they are not quite the way he learned them. But by this time he will have gotten into the spirit of the matter, and from this he may arrive at some approximation of the truth, an approximation he will continue to revise all his life long"
Karl Menninger
"Even the most renaissance of renaissance men in these days cannot hope to know more than a very small fraction of what is known. The "general systems man", therefore, is constantly taking leaps in the dark, constantly jumping to conclusions on insufficient evidence, constantly, in fact, making a fool of himself. Indeed, the willingness to make a fool of oneself is almost a prerequisite to rapid learning."
Kenneth Boulding, "General Systems as a Point of View"
"...a child of 4 who did not know his letters and could not read music managed to recognize the different songs in a book from one day or one month to another, simply by their titles and from the look of the pages. For him, the general effect of each page constituted a special scheme, whereas to us, who perceive each word or even each letter analytically, all the pages of a book are exactly alike."
Jean Piaget, "The Language and Thought of the Child"
"As we analyze a thing into its parts or into its properties, we tend to magnify these, to exaggerate their apparent independence, and to hide from ourselves (at least for a time) the essential integrity and individuality of the composite whole"
"There is, in this regard, a pertinent story about the great American linguist and anthropologist Edward Sapir, who had allegedly been working with an informant on an American Indian language with a grammar that he was having trouble sorting out. Finally, he felt he had caught on to the principles involved, and to test his hypothesis he began making up sentences in the language himself. "Can you say this?" he would ask his informant and would then produce his utterance in the informant's language. He repeated this several times, each time composing a different expression. Each time his informant nodded his head and said "Yes, you can say that." This apparently was a confirmation that he was on the right track. Then an awful suspicion crossed Sapir's mind. Once more he asked "Can you say this?" and once more received the answer "Yes." Then he asked, "What does it mean?" "Not a darn thing!" came the reply.
Ward H. Goodenough, "Culture, Language, and Society"
It is possible to speak or write perfectly acceptable things that do not mean anything. :-D
And last but not least....
"Don't make things harder than they actually are. Just trade the trend with discipline, and let probability sort out your P&L over the long run."
CANDLETRADER
:-)
"When I'm trading my best, I'm more or less in a vacuum: See chart, act on chart. I don't care what others think, and I frankly don't even want to know what others think."
Gary B. Smith
"I cannot guarantee victory, but I can guarantee that should I go down, I will have used everything left in the tank."
Hitman!
"In the end, I let the chart and only the chart, do the talking. Do I get it wrong sometimes? Yeah, a lot. But I get it right a lot too."
Gary B. Smith
[When asked if he was comfortable with the market he replied:]
"I am never comfortable. These are stocks, not a cozy sofa, we are leaning on."
Jim Cramer
"When you hold on to a paper loss, you aren't winning the game. Hell, you aren't even playing. Know when to walk away and know when to run."
Jonathan Hoenig
Huge change-Jim Cramer
''Huge change''Exclaimed Jim Cramer...................................................CNBC interview 1/24/02,commenting on Tom [sebl] outlook remark''Quite optimistic''...............................
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murray t turtle,nickname,not an alias
Risk reward ratio-Tony Oz
[1]trade set up help-''.....risk reward ratio of 1/3,If i am looking to make three points on a trade, i can only risk one point.............................[2]Next I will take into account the maximum allowable drawdown on my position.......... [3] Then i will define where technical support is found'' ......................................Tony OZ,The Stock Trader -How I Make a Living Trading Stocks
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murray t turtle,nickname,not an alias
Read stocks like a book-George
''Read stocks like a book''George Fontanlis, clicking up 50,200 day moving average on his charts.....................[active trading video,Signal which changed thier name to E-Signal]...................................
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murray t turtle,nickname,not an alias
Read------------------Brian....quote
''Read people like a book''............................Brian Houston ...........................[Australia not just Texas, in a context of work prospering and happiness]........................................................
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murray t turtle,nickname,not an alias
"When you change your thinking, you change your beliefs; when you change your beliefs, you change your expectations; when you change your expectations, you change your attitude; when you change your attitude, you change your behavior; when you change your behavior, you change your performance; when you change your performance, YOU CHANGE YOUR LIFE!!!!"
Walter D. Staples
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to transform himself. Thats the kind of thing winning traders do" Ed Seykota
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"All the technical mastery in the world won't do you any good if you dont have something to say and the ability to lose your ego" Sidney Buchet --- Jazz musician
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"Successful trading is the result of years of hard work, discipline, practice, and the realization that RISK is the vehicle that allows you to acieve a positive outcome" Robert Koppell
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Trading your personality
Principle#5..................''Trade your personality''....................................Linda B. R.of LBR group''Definitely!''........................................................................................................John Saleeby,hedge fund,''I definitely agree''.......................activetradermag.com [9/2001]
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murray t turtle,nickname,not an alias
"Sometimes I get carried away but I nearly always escape and find my way back."
LoopJammer (a poster from years ago on the MSN boards)
"You cannot change the music of your soul."
Katherine Hepburn
"Losing an illusion makes you wiser than finding a truth."
Ludwig Borne
"Nobody can give you wiser advice than yourself."
Cicero
"Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness, that frightens us. "
Nelson Mandela
"Money is not required to buy one necessity of the soul."
Henry David Thoreau
Change,trading your personality
Principle #5''Trade your personality........research,test,trade''............Tom Basso,Trendstat Capital Management , President ''this is extremely important''...........''..Gary Smith,private trader,writer ''I was primarily a daytrader in stock index futures.But as my capital grew,my trading time frame changed into days,weeks.......''Active T rader mag-9/2001
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murray t turtle,nickname,not an alias
Pressure makes diamonds and pressure makes shi__.
The tennis coach at Clemson in the early eighties -Chuck Kriese- spelling?
Murray Cohen quote
Take a walk,read a good book,watch birds.....observe the expressions of a child,think.........................Murray Cohen's newspaper[and Jennifer Cohens......1/30/02...]..................................[Dr. Van Tharp mentioned walking also,book]
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murray t turtle,nickname,not an alias
Old but gold pattern
One pattern that still holds-Passion for market,strong work ethic........................Market wise trading quote....................................
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murray t turtle,nickname,not an alias
*Martin Luther King, Jr.
"The ultimate measure of a man is not where he stands in
moments of comfort and convenience, but where he stands at
times of challenge and controversy."
"If you can't take a small loss, sooner or later you will take the mother of all losses."
Jack Schwager - The New Market Wizards
"There were several logs on the fire, and it created a situation in the passing game where we have to tighten up a lot of screws there."
-Bill Belichick
Up,downtrend, or sideways
''Rember ,trending markets and stocks have more potential than sideways[also called sideways trend]or choppy markets for non-market makers'' Marc Friedfertig,Manager Broadway Trading,trader,trader trainer,member ASE,also worked with First Boston,Morgan Stanley ........................................
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murray t turtle,nickname,not an alias
Australian Stock Trader hits bullseye
Darryl Guppy ,Australian stock trader,writer for Technical Analysis Stocks&Commodoties mag,[got flooded out of his home office once] warned ''Never confuse high probability with infallibility''
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murray t turtle,nickname,not an alias
You Can Take It With You
And people who don't think so are dopes.
Just ask a disinherited spouse, child or other expectant.
As far as they are concerned you took it with you.
Geo.
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I paid to put GWB in there. I'll say anything I want about him.
Tom Waits:
"I'd rather have a bottle in front of me than a frontal lobotomy."
Lao Tse
"He who thinks he knows, doesn't know. He who knows that he doesn't know, knows."
"I have not failed. I've just found 10,000 ways that won't work."
- Thomas Alva Edison (1847-1931)
"Education is a progressive discovery of our own ignorance."
- Will Durant
"Wise men make proverbs, but fools repeat them. "
- Samuel Palmer (1805-80)
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see_you_later_speculator
This one may already be on here but its worth repeating:
"LOVE YOUR LOSSES!"
"There is an irony in trading of both price and time. It is exactly what you have to give of yourself in order to trade it with understanding." --- Rogue Trader --- Elite 2002
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"There are only two types of traders, "Long Lived" and "Short Lived." Both know the markets well. The "Longed Lived" just choose to know "Themselves" better." --- Rogue Trader --- Elite 2002
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Long lived trading,reguardless-timeframe
NASDAQ and NYSE,TRADING by numbers [mr.Goldmans company]..............For example 100k account,,,1k risk ,,QLGC,,,average trading range$=$3,,x330shares==about 1k risk........................[2]Trading NYSE,with example of $ oo.75 average trading range [ about , t hat is average difference between daily high, low,with gaps]=.75x1300=about1k risk......................................from the excellant, free,trading desk newsletter,Schwager,DR, V Tharp [ 3] yamner.com [that is the free trading desk news letter address that Mark wrote thru] [4]Noticed that the top traders[Schwager]mentioned as a percentage of risk 1-5,or 7%,approximately but did not mention exact timeframe [5]personal opinion,pays to be conservative,but like Mr,Goldberg[best seller,N Y T]warned media pokes fun,calls you mean nicknames-----------------------------
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murray t turtle,nickname,not an alias
Pays to be helpful
Here is some evidence it pays to be helpful,even a note of exhortation-----------------------------''We are looking forward to providing these two precious youngsters with state -of the- art-medical care......................''Sue Spielburg quote,Chabad's Children of Chernobyl: ''cool: Used a multitude of indicators here,including Mike Bloomberg knows how to rea d a line chart[3] both groups in NY,NY [something like this in one of my top trading books,but we learned that as kids-''mind of Solomon''
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murray t turtle,nickname,not an alias
Traders and types of animals
" there are generally four types of traders in the markets:
Bulls, Bears, Sheep, and Pigs. The first two make profits, the last two get slaughtered."
unknown
Josh
"He who loses best will win in the end" --- Phantom of the Pits
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Win in the end
Win in the end ,by every friday if possible.................''Dont need to know everything.As long as they understand something better than others,they have an edge''George Soros-Stock Traders Almanac
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murray t turtle,nickname,not an alias
Doctor helps trader
''Bar[chart]intervals shorter than 5 minutes have more noise...............................''DR. Dennis Meyers,PHD,writing in Active Trader mag,3/02. Answering the question-''Is there a reason why 5 minute bars[trigger time on charts]are preferable to 1 minute.?................................''[brackets include help,but not actually in original sentence.]
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murray t turtle,nickname,not an alias
Spoon Boy & The Matrix...
Do not try to bend the spoon; for that would be rediculous, instead try to realize the truth...
What truth?
There is no spoon...
There is no spoon?
Then you'll see, that it is not the spoon that bends, it is only yourself...
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Truth on the tape,charts
''The most sucessful traders have become comfortable with the idea they can lose it all;Don't take positions that are too big for your financial comfort level''-----------------------------Joshua Lukeman,writer market maker,former trader at Bear-Hunter LLC,where he traded listed stocks and futures.................... Thanked parents,mentioned the rest of his family;Melissa ,Abram, ,Adam,Danny,Zoe,Remy,Leah,John,,Fred, Regina,Avi,but not thier last names.
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murray t turtle,nickname,not an alias
bid, ask, level II is all a great _game_! only the print matters. only matched trades show the real intentions market participants have, everything else can look like gold but it may turn out as the last crap.
"Sun Tzu reminds us that the victorious army wins first and then seeks battle."
Translation: Have a trading plan.
The Art of War
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Everybody gets what they want out of the market
Ed Seykota, Market Wizards
Candletrader is always up to the challenge of a Yahoo Pool contest (Yahoo Messenger candletrader2003)
"It is completely obvious to me when to get in, and the screams are so loud that my fingers just do their thing as if it is THEM who is doing the trading." --- Nitro --- Elite 2002
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Every market has a rythm, and our jobs as traders is to get in sync with that rythm. I am not really trading when I am doing those trades. There's trading being done, but I am not doing it.
Unknown"The New Market Wizards"
Now who is the copycat???
Trading sucess
Trading paraphrase-Sodom Hussein makes a bad trade,refused to take a written loss ,then had to take the mother of all losses Jack Schwager-1992 '' [1]Sucess is the result of hard work learning from failure..................persistance.............''General Colin Powell-Stock Traders Almanac
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murray t turtle,nickname,not an alias
Trader talk,trading is fun
Trader talk''{FEB}''Dont short the sixth day''-. CNBC [2]There has been a lot there in cluding but not limited to the many times the trend changes after the 5 th day...................
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murray t turtle,nickname,not an alias
"I'm sick of people who don't know anything and then get bailed out by the stock market. Too many people were born on third base and think they hit triples."
William Fleckenstein [during the bull market]
"When it's this hard to make money, there's no reason to play."
Helene Meisler
"There is an adage that suggests no decline is complete until the generals are taken out and shot just like the foot soldiers. True bottoms occur when everything has been slaughtered."
Terry Bedford
"When I get hurt in the market, I get the hell out. It doesn't matter at all where the market is trading. I just get out."
Randy McKay
"I don't like using stops but I hate losing money more."
ibefat [from MSN boards]
...he who takes a quick stop and runs away, lives to trade another day...
Josh
Worker with Paul Tudor Jones, Steve Cohen
"How would you advise people to approach technical trading?'' {answer}Well you can start by reading a good basic book.......................................[2]--but really have to study price action FIRSTHAND.''Mark Etzkorn-Tom DeMark interview,photo shows firsthand study of uptrend ,moniter..........[3]Active Trader Mag noted [11/2001]he helped Steve Cohen.[Takes more than one person to get to third base,especially three days in a row. ]
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murray t turtle,nickname,not an alias
Young man helps,then plays on the word
"The way a young man spends his evenings is part of that thin area between sucess and failure'' Robert R.Young-------------------------------------------------------Stock Traders Almanac,interesting name
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murray t turtle,nickname,not an alias
The trend
''If you go against the trend,slippage goes your way-it works in your favor''Tom DeMark.Active Trader Mag,11/2001---------------------------------------------[We don't need to agree on everything,I prefer the post it note posted by Paul Tudor Jones the top trader,duck hunter----------''-Losers average losers''
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murray t turtle,nickname,not an alias
220 +++ year uptrend,on the chart
220 +year chart of''America's stock market''nice bull uptrend[1781-2000] Securities Research Company-William O'Neil[2]Probably not a case for mindlessly buy and hold ;because most don't live 220 years. [3]includes 20,and 25 years approximately flat as as a board,severe downtrends..........
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murray t turtle,nickname,not an alias
Paul Tudor Jones pattern again
Quote ''The lazy man roasteth not that which he took in hunting but the diligent[industrious] man[person] reaps a rich harvest'' Solomon, top trader,sportsman,commander in chief,writer..............[Interesting thats part of the Paul Tudor Jones pattern,source Jack Schwager
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murray t turtle,nickname,not an alias
Bernard Baruch Pattern
''Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly................''Bernard Baruch, wall street king,advisor to presidents,helped people by lots of trigger pulling on quail, [game meat especially healthy,not much fat ] . Was a writer also.
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murray t turtle,nickname,not an alias
Since the largest trading organizations - with all their resources, dedication, and access to the smartest mathematical minds in the world - haven't found a reliable trading system, it stands to reason one simply does not exist. Or if one does, you probably won't be the one to discover it.
i've got a secret
quote
Since the largest trading organizations - with all their resources, dedication, and access to the smartest mathematical minds in the world - haven't found a reliable trading system, it stands to reason one simply does not exist. Or if one does, you probably won't be the one to discover it.
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Cesko
They ain't tellin' if/when they have/find one anyway. That would negate the system. I'd be surprised if some organizations don't have solid systems (which constantly change and adapt).
Mike
"Man is a thinking reed but his great works are done when he is not calculating and thinking. "childlikeness" must be restored with long years of training in the art of self-forgetfulness. When this is attained, man thinks yet he does not think. He thinks like the showers coming down from the sky, he thinks like the waves rolling on the ocean; he thinks like the stars illuminating the nightly heavens; he thinks like the green foilage shooting forth in a relaxing springbreeze. Indeed, he is the showres, the ocean, the stars, the foilage." D. T. Suzuki --- Foward from Zen in the Art of Archery
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
...Well, being wrong is the best chance to put a correct position on with your next trade... - Phantom of the Pits
The pain of standing aside and missing a good trade that your method told you to take is much worse than the pain of losing on a trade that you entered and exited properly and according to you trading plan. - unknown
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'Not by might nor by power, but by My Spirit,' Says the LORD.
"I know of a few millionaires who started trading with inherited wealth. In each case, they lost it all because they didn't feel the pain when they were losing. In those formative first years of trading, they felt they could afford to lose. You're much better off going into the market on a shoestring, feeling that you can't afford to lose. I'd rather bet on somebody starting out with a few thousand dollars than on somebody who came in with millions....This is one of the few industries where you can still engineer a rags-to-riches story. Richard Dennis started out with only hundreds of dollars and ended up making hundreds of millions in less than two decades - that's quite motivating."
William Eckhardt (original partner of Richard Dennis)
the seriousness of ones intent can be measured by the casualness with which one dismisses the idea of failure..
mbt3
"Be quick. Don't hurry."
- John Wooden
(If you don't know who John Wooden is, I *strongly* suggest you find out! His "Pyramid of success" principles definitely applies to trading! and anything else you'll ever attempt in life...)
www.coachwooden.com
3dog
Reminds me of Mae West: "Anything worth doing is worth doing slowly."
From the underground trader
capital is like blood, if you cut yourself, you wouldn't watch it bleed to see if it heals
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Tony
Jade or emerald green time
"Close out losing positions and hold profitable positions for as long as the trader determines that particular market trend continues to exist''---------------------Salem Abraham,trend trader[original quote includes ''portions of profitable positions'']
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murray t turtle,nickname,not an alias
Samarui
"The perfect swordsman takes no cognizance of the enemy's personality, no more than of his own. For he is an indifferent onlooker of the fatal drama of life and death in which he is the most active participant. In spite of it all the concern he has or ought to have, he is above himself, he transcends the dualistic comprehension of the situation, yet he is not a contemplative mystic, he is in the thickest of deadly combat." Suzuki
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
emptyness
"In being empty one has let go of the extremes of being and non-being. Thus it is both the center itself and the central path.
Emptiness is the track on which the centered person moves"
by Tsongkhapa
mbt3
http://www.amazon.com/exec/obidos/t...28066?desc=long
"If losing is equated with failure, the battle of confidence cannot be won. Your motto should always be, "Win or lose, another step foward" You can find success in a losing effort when you establish clear performance goals prior to the match. You have the potential to learn much more from a loss than a victory. When you set your goals properly, your confidence can grow, independent of your matches outcome."
James Loehr --- The Mental Game: Winning at Pressure Tennis
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"If you feel too good when things are going well, then inevitably you will feel too bad when they are going poorly."
Richard Dennis
"I don't think it makes any more sense trying to understand the stock market than trying to understand music. A lot of people would rather understand the market than make money."
Ed Seykota
"The markets are always changing, and they are always the same...It's never different this time."
Jack Schwager
"I try to assume that the guy on the other side of a trade knows at least as much as I do."
Michael Steinhardt
"When the pupil is ready, the teacher appears."
unknown
"If you don't stay with your winners, you are not going to be able to pay for the losers."
Michael Marcus
"Always understand the risk/reward of the trade as it now stands, not as it existed when you put the position on."
Bill Lipschutz
"Trading to me is like betting on independent rolls of the dice that you think are loaded a little bit in your favor."
Richard Dennis
"If you beat yourself up about exiting too early, you set yourself up to exit future trades too late."
David Nassar
- the Art of the trade by R.E. Mcmaster.
The present rides one wing on the past and the other wing on the future.
You learn from the past and you plan for the future. But the only time
you are conscious and alive, is in the present, in the NOW. You can best
response to the information of the market by recognize that there's no
Holy Grail, no perfect system. There are just opportunities to response.
The present may have some similarities to the past in the market, but
there will always be differences. Being present allows you to spot these
differences and there by make savier trader. -
- the Art of the trade by R.E. Mcmaster.
The present rides one wing on the past and the other wing on the future.
You learn from the past and you plan for the future. But the only time
you are conscious and alive, is in the present, in the NOW. You can best
response to the information of the market by recognize that there's no
Holy Grail, no perfect system. There are just opportunities to response.
The present may have some similarities to the past in the market, but
there will always be differences. Being present allows you to spot these
differences and there by make savier trader. -
fall down seven times ...
stand up eight.
japanese proverb
fu§& the mainstream.
"...basketball is an expression of life, a single, sometimes glittering thread, that reflects the whole. Like life, basketball is messy and unpredictable. It has its way with you, no matter how hard you try to control it. The trick is to experience each moment with a clear mind and open heart. When you do that, the game--and life-- will take care of itself."
"In basketball -- as in life -- true joy comes from being fully present in each and every moment, not just when things are going your way. Of course it's no accident that things are more likely to go your waywhen you stop worrying about whether youre going to win or lose and focus your full attention on whats happening right this moment."
Phil Jackson -- Sacred Hoops
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"For the raindrop joy is entering the river" GHALIB
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"Fundamentally the marksman aims at himself." -- Eugen Herrigel
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"It is only with the heart that one can see rightly;
what is essentail is invisible to the eye"
Antoine De Saint-Exupery
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"It is good to have an end to journey toward;
but it is the journey that matters in the end"
Ursula K. Leguin
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"If your mind isn't clouded by unnecessary things, this is the best season of your life" WU-MEN
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"No great improvement in the lot of mankind are possible, until a great change in the fundamental constitution of their mode of thought takes place" J. S. Mill
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"Men are not afraid of things but of how they view them" --- Epicteetus
"If you are pained by external things, it is not they that disturb you, but your own judgement of them. And it is in your power to wipe those judgements out NOW!" --- Marcus Aurelius
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"KNOW THYSELF" --- Oracles advice in ancient Delphi
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Clarity thru selfless-ness
"In Zen it is said that the gap between accepting things the way they are and wishing them to be otherwise is "the tenth of an inch between heaven and hell" If we can accept whatever hand we've been dealt -- no matter how unwelcome -- the way to proceed eventualy becomes clear. This is what is meant by right action: the capacity to observe whats happening and act appropriately, without being distracted by self-centered thought. If we rage and resist, our angry, fearful minds have trouble quieting down sufficiently to allow us to act in the most beneficial way for ourselves and others." --- Phil Jackson --- Sacred Hoops
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Einsteins rules of work
1. Out of clutter find simplicity
2. Out of discord find harmony
3. In the middle of difficulty lies oppurtunity
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Bloomburg rule of work makes a difference
Question-What"s the difference in being early and being wrong in the stock market?There is no difference in being early and being wrong in the stock market-bloomburg.com[3/1/02]
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murray t turtle,nickname,not an alias
Albert Einstein work bonus&brain
We could nick name Einstein mr.persistance,Not mr.intelligence.Here is some evidence."It's not that I'm so smart,it's just that I stay with problems longer-Albert Einstein''-----------------------------------------Stock Traders Almanac,Hirsch
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murray t turtle,nickname,not an alias
Jeff Cooper on Patience
"Ted Williams seldom responed to fan mail. But when he got a letter asking him who he modeled his hitting after; Babe Ruth or Lou Gherig, Mr. Williams resplied: "neither." His idol was Roger Hornsby, whose strength was the patience to wait for the right ball. Whereas Babe Ruth swung at nearly everything that moved-and though he did hit more home runs than anyone of his era, he also struck out more than anyone---Lou Gherig was simply able to overpower pitchers with sheer force. But for Ted Williams, Roger Hornsby was the man. It wasnt so much the stance or the swing, but his willingness to wait for the right pitch that made the difference." Jeff Cooper -- The Best
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"If you exit when your system says to exit, then you didn't leave any money on the table..." --- Elite 2002 -- Qwiktrade
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
applicable to selling into buying frenzy
"When there is circus in the town you gotta sell peanuts... because when circus leaves who are you going to sell peanuts to"
William Eng, Trading Rules II
Jeff Cooper the best;peanuts thru a public library
''He was now the richest man in America;he would build a library for FREE if they agreed to stock it with books and maintain it''--------------------------------------------Andrew Carnegie
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murray t turtle,nickname,not an alias
Batting average;peanuts thru a public library
Andrew Carnegie built 2,811 free public libraries. Andrew the scottsman,asked only that they inscribe the words ''Let there be light''above the entrance.[Source.booklet.Achieve The Impossible-------------------------------Nightingale Conant]
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murray t turtle,nickname,not an alias
"If you're gonna play the game, boy, ya gotta learn to play it right. You
got to know when to hold 'em, Know when to fold 'em, Know when to walk away ... "
Kenny Rogers
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"Deal with the difficult
While it is still easy.
Slove large problems
While they are still small."
Lao Tzu -- Tao Te Ching
"Matters of great concern should be handled lightly;
Matters of smalll concern should be hanled greatly."
Hagakure
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"...the fact reamains that however skillfully, however carefully our reflecting is done, its conclusions are always a long way from certainty. Ultimately, every action is a leap into the dark" --- Alan Watts
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"Size kills" - jdt
(keeps me from building big, losing positions under the guise of "scaling in")
Trading small,13 year edge
At age'' 13, Andrew Carnegie [quickly]got a job in a cotton factory for $$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1.20 a week.''That scottsman was the richest man in America,1800s.
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murray t turtle,nickname,not an alias
Every battle is won, before it is ever fought - Sun Tzu
"Some nights it's not going to happen for me. I don't think about that. I understand that. That's why it keeps me from getting frustrated. If the shots go in, they go in. If not, they don't."
Allen Iverson, NBA MVP
"Now I want you to remember that no bastard ever won a war by dying for his country. You won it by making the other poor dumb bastard die for his country."
-General Patton
"I love the smell of napalm in the morning..."
-Lieut. Col. Kilgore
"no one can predict to what height you can soar, until you have spread your wings."
Thomas Banyacya, Hopi-Elder
Cash % and Jim Cramer
''KEEPING about 40% in cash acts as a performance stabilizer''............................''I like Jim Cramer''[Cramer-Berkowitz] Page 217,218 ,quote concerning Marlin hedge fund,Michael Masters,top trader.[Jack Schwager book]
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murray t turtle,nickname,not an alias
What Is Mastery?
"It resists definition yet can be instantly recognized. It comes in many varities, yet follows unchanging laws. It brings rich rewards, yet is not really a goal or a destination but rather a process, a journey. We call this journey mastery, and tend to assume that it requires a special ticket available only to those born with exceptional abilities. But mastery isn't reserved for the supertalented or even for those who are fortunate enough to have gotten an early start. It's available to anyone who is willing to get on the path and stay on it -- regardless of age, sex, or previous experience" -- George Leonard -- Mastery
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
TRUTH
"Every truth passes through three stages before it is recognized. In the first, it is ridiculed, in the second it is opposed, in the third it is regarded as self-evident" -- Arthur Schopenhauer
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Peanut size+years+night work=elephant size mastery
''To supplement his salary[started small-$500]to buy stocks that he understood'' Andrew Carnegie,from the free ad booklet,Achieve the impossible
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murray t turtle,nickname,not an alias
Peanut size grow into elephant size mastery, with years nite work
' Being poor ,Andrew Carnegie had to give up any hope of [formal] schooling;He studied bookeeping at night''Page 7,chapter titled America's Most Famous Rags to Riches Story
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murray t turtle,nickname,not an alias
"... Market truth is existential not intellectual; its realization and practice are visceral, not cerbral."
-- Robert Koppel -- Intuitive Trader
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
The neverending journey
"Begin at the beginning,' the king said gravely, 'and go till you come to the end; then stop" -- Lewis Carroll, Alices Adventures in Wonderland
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"Have no fear of perfection -- you will never reach it."
Salvador Dali
"Intuition is 99% perspiration and 1% inspiration" -- Thomas Edison
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Woody Allen once said about life "90% of it is just showing up"
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"...I don't think I'm gambling, well thats not 100% true. What I'm doing as a traer is I'm betting on myself. I'm putting my money on myself that I am going to know the exact thing to do at the right time" -- Lina Leventhal (Huge trader in the Euro Pit)
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Excellent quotes:
eom
"Trading in the Zone"
"When you're convincing yourself that you're right, what you're saying to yourself is, 'I know who's in this market and who's about to come into this market. I know what they believe about what is high or what is low. Furthermore, I know each individual's capacity to act on those beliefs, and with this knowledge, I am able to determine how the actions of each of these individuals will affect price movement in it's collective form a second, a minute, an hour, a day, or a week from now.' Look at the process of convincing yourself that you're right from this perspective, it seems a bit absurd, doesn't it?"
Trading in the Zone p. 112 by Mark Douglas
"Our beliefs are the lenses through which we see the world. What you believe about yourself and the market will ultimately predict your performance." Howar Abell -- COO of Innergame Partners
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"If its going to be, its up to me" -- Dennis Waitley
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He deals the cards to find the answer...
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The hidden law of a probable outcome...
The numbers lead a dance...
Ed Toppel's 7 Key Maxims
1. NEVER add to a loser
2. ONLY add to a winner
3. Let profits run
4. Cut losses fast
5. Don't pick tops
6. Don't pick bottoms
7. Let the market, NOT YOUR EGO, make the decisions
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He deals the cards to find the answer...
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The hidden law of a probable outcome...
The numbers lead a dance...
"There is something within each of us that has the power over our minds that prevents our acting according to what we have agreed is the proper course of action. That something is present in all of us an is very powerful, more powerful than anything I know... Those who rid themselves of their egos are rewarded greatly. They are the superstars of their fields. In the markets rewards come in the form of profits. In the world of art, masterpieces are the results. In sports the players are all-stars and command enormous salaries. Every pursuit has its own manifestation of victory over the ego." Ed Toppel
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
LBR Group and moore research
''In a trending market,for Pete's sake use market orders.In a sloppy choppy envirement you have to be careful about market orders''Linda Bradford Raschke interview
murray t turtle,nickname,not an alias
LBR group and Active Trading
Same article,Active Trader mag,8/200.Question.............''market or limit orders for these trades? '' '' LBR I trade at market on 90% of my trades.''
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murray t turtle,nickname,not an alias
Time frame to aim at
Question What time frame charts do you watch during the day???????????????????????????''to watch the market intraday,I have 30,60,120 minutes............''LBR interview ,Active trader mag 8/2000
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murray t turtle,nickname,not an alias
I switch timeframes depending on the speed of the movement. If a stock really starts to take-off upwards or downwards, I will switch to 1 minute bars until the move ends, while keeping intensly focused on price and volume. Look at the 1 minute bars of STEL yesterday and today. There is a whole story being told in the price and volume when you compare it to the NASDAQ composite index price action. It was being faded big-time
But I still..........................................................................
haven't found.................................................................
what I'm looking for!!.....................................................
U2
Bible - Matthew 5 - 29
If your right eye causes you to sin, pluck it out and cast it from you; for it is more profitable for you that one of your members perish, than for your whole body to be cast into hell.
"Perhaps the most you can hope for on the masters journey -- whether your art be management or marriage, badminton or ballet -- is to cultivate the mind and heart of the beginning at every stage along the way. For the master, surrender means there are no experts. There are only learners."
-- George Leonard -- Mastery
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"The really valuable thing is intuition" -- Albert Einstein
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"Think of what is right and true. Learn to see everything accurately. become aware of what is not obvious. Be careful even in small matters. Do not do anything useless."
Miyamoto Musashi -- The book of the 5 rings
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Visualization
Jack Nicholas let it be known that he never took a shot without clearly visualizing the balls perfect flight and its triumphant destination...
"A successful shot is 50% visualization, 40% set-up,and only 10% swing." -- Jack Nicholas
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Execution skill & practice
''Ideas are easy.It's execution thats hard-''--------------------------------------Jeff Bozos,Amazon.com
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murray t turtle,nickname,not an alias
Intuition
"Intuition is ultimate market wisom; knowing exactly what to do next, free of internal an external predjudice, having unshakeable self-confidence and self-trust."
-- Tony Saliba -- one of the largest equity option traders in the country...
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Seed capital and wall street
'' Instead of owning wealth producing assets eventually allowing them to buy whatever they want,they blow thier seed capital on wasting assets that shrink in value!''Lou Rukeyser
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murray t turtle,nickname,not an alias
What constitutes a fidget?
-Tony Soprano
"Language -- the primary tool of instruction -- is itself largely a function of the left hemisphere of the brain. By defintion, then, the workings of the right side of your brain can't be put into words as easily of those of the left side... Yet even when the words escape us, we must remember the central point; the brain possesses an inherent capacity to change, a capacity which I've called the Principle of the Maximum Mind. You actualy have the power to alter dramaticly the way you think and act."
-- Dr. Herbert Benson -- Your Maximum Mind
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"Hitting is 90% mental and the other 1/2 is physical" Yogi Berra
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"...the experience of successful trading is subjective, unself-conscious, and intuitive. This state of mind, it seems to me, has more in common with the spirit of jazz -- improvisational, automatic, responsive to the riff -- than with a well-articulated and analyzed process of decision making." -- Bob Koppel
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"The warrior, no matter how well trained in the techniques of his martial skill had to break thru the superficial layers of his ordinary reasoning, his habbit-ridden mentality, to the deeper center of his true original self." -- D. T. Suzuki
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"The great traders all hold one thing in common: they know exactly what they want to do in the market and possess the inner strength and will to do it. That's what seperates them from the wannabes." Howard Abell
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Not to get caught up in a spelling bee, and no offense intended whatsoever, but the greatest golfer of all time deserves to have his name spelled right: Jack Nicklaus
Originally posted by Commisso
Jack Nicholas let it be known that he never took a shot without clearly visualizing the balls perfect flight and its triumphant destination..."A successful shot is 50% visualization, 40% set-up,and only 10% swing." -- Jack Nicholas
QUOTES are FUN BUT useless unless learnt through your own experience.
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so many suckers, so little time.
Formula for Success
"Take the obvious, add a cupful of brains, a generous pinch of imagination, a bucketful of courage and daring, stir well and bring to a boil." -- Bernard Baruch
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Realize you’re asking the ultimate Zen trading question: how
do I know I'm right? Zen answer, there is no right and no wrong. You manage risk. Do that well, and you're right.
Alan Farley
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"Only that day dawns to which we are awake"............Thoreau
"The strong get stronger and the weak ones fade away"
Billie Holiday
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"Intuition in trading is the result of years of hardwork, discipline, and practice --- intensity fueled by desire and committment to achieve excellence." Robert Koppel
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
the market and the trader
If the trader thinks that market is a living entity, then the market doesn't know who the trader is and really doesn't care. All the battle takes place inside the trader's head.
But it need not be a battle,...why fight the current? just flow with it, you get to swim further with less effort.
IN A LONG RUN WE ARE ALL DEAD
Who said that, Keynes?
Discipline
What is the most important trading rule? The one you have the most difficulty keeping.
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These are some of my favorite ET threads:
Gems: Methods and Systems
Methods and Systems Only
Gems: Rogue Trader
How to Manage False Breakouts on NQ ES
TriPack's ES Swing System
"Catch a wave and your're sitting on top of the world" the Beach Boys
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"Only that day dawns to which we are awake"............Thoreau
Einstien and trading
''If I had to live over again,Iwould elect to be a trader of goods rather than a student of science.I think barter is a noble thing''Einstien,Stock Traders Almanac
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murray t turtle,nickname,not an alias
"...the essence of boredom is to be found in the obsessive search for novelty. Satisfaction lies in mindful repetition, the discovery of endless richness in subtle variations on familiar themes."
George Leonard -- Mastery
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Peanut size& savings
''T he ant,consider her ways and be wise;she has no overseer , no governor, no ruler,but in summer she prepares her store [of food]'' Solomon
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murray t turtle,nickname,not an alias
keep your feet on the ground and keep reachin' for the stars.
“In short, you must discipline yourself, literally condition your nervous system to act automatically and unemotionally. Discipline does and will produce confidence and ultimate success.”
Robert Koppel -- The Inner Game of Trading
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
“Trading is 75 percent mental. Your confidence, which is built on your experience, composes your mental framework. Pay careful attention to these words: The only thing that matters is your own profit and loss statement at the end of the day! What do these words signify? Ego. Get rid of it.”
Jea Yu -- Underground Trader
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
“Before anyone can become successful in an environment with the unstructured character of the trading environment, one needs to develop a supreme sense of self-confidence and self trust. I am defining self-confidence as an absence of fear and self-trust: knowing what to do at the moment when it needs to be done, and then doing it without hesitation.”
Mark Douglas -- The Disciplined Trader
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
“The key to being a good trader is admitting when you’re wrong. I am very stubborn. I would never admit I’m wrong on a trade. You’ve got to be able to change your opinion 30, 40 times during the day. You’ll say, ‘I love the market,’ and get long. Then you’ll feel, ‘I hate the market,’ two minutes later. So you’ll get out of everything and get short. Flexibility is key to being a good short-term trader – that and not going for the home run constantly.”
Steve Girden -- Electronic Day Traders' Secrets
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
“Man is extremely uncomfortable with uncertainty. To deal with his discomfort, man tends to create a false sense of security by substituting certainty for uncertainty. It becomes the herd instinct. The irony is that the greater the uncertainty, the greater the similarity of predictions, as the experts, ‘shout together in the dark.’ In turn, the greater will be the collective surprise when their predictions miss the mark. The less information there is available about reality, oftentimes the more uniform the ‘conventional wisdom’ will be.”
Bennett Goodspeed -- The Tao Jones Average
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
“A speculator should never be tempted to give up his flexibility. If he gets himself locked into an investment, or deprives himself of freedom to change his mind, he is giving up his stock in trade.”
Donald Worden -- Traders Manifesto
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Blowing stops just stopped being a problem for me since my control over myself became strong enough. Honestly, when I read about people not being able to keep stops, it always amazes me that people are talking about this problem like some outside power dictates their actions. You can see it in the trading vocabulary. People say “I made a profit”, but “I took a loss,” like this loss was given to him. But it’s not so. People make profits and make losses.
There is a moment when you realize that you are the only one who can control all this and save your money. At this point, keeping stops is not a psychological problem anymore. Let me give you an analogy. If you bought a television, brought it home, turned it on, and discovered that it didn’t work, would you just sit there and look at it and hope that it started to work? No! You just take it back to the store and get another one. The same line of thinking works with stocks. Don’t wait for anything. Just sell it and buy another one, when the right moment comes.
Vadym Graifer (threei)
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
“Trading has taught me different things about myself at different times according to how the situation has gone. It has taught me that I can be very disciplined, that I don’t have to have external constraints imposed on me. It’s taught me that I’m very self-reliant. Often I can put together the jigsaw puzzle, even though some pieces are missing and will have an insight into a trade that other traders don’t perceive. Sometimes I realize I’ve been arrogant in the way I’ve done something... It’s interesting how trading teaches us something about ourselves that we don’t necessarily want to know but the information is always very instructive.”
Soloman Cohen -- Quoted from an interview given in The Tao of Trading by Robert Koppel
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
“One of the best ways to increase profits is to do goal setting and visualizations in order to align the conscious and subconscious with making profits. I have worked with a number of traders in order to examine their priorities and align their goals. I use a combination of hypnosis, breathing, pacing, visualization, gestalt, massage, and so forth. The traders usually either (1) get much more successful, or (2) realize they didn’t really want to be traders in the first place.”
Ed Seykota -- Market Wizards
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"The markets have a way of weeding out the weak hands - it’s the law of the jungle."
Jea Yu
__________________
He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Originally posted by nitro
And commisso, cut that crap out of posting seven million Maxims/Quotes.
Heh, heh
Originally posted by Commisso
Nitro,
I suppose I am cheating just a lil with the maxims...
Do people actualy get any use from me posting these things???
I just compile them in a database and i figured i would just cut and paste them here, so are they of any use??? If so just send me pm to let me know and i wll continue
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"The eye of the will is impure and makes for distortion.
Only when we want nothing, only when our gaze becomes pure contenplation, does the soul of things..the beauty..open to us.."
Hermann Hesse
mbt3
The Endless Path Toward MASTERY
"Goals and contingencies, as I've said are important. But they exist only in the past and the future, beyond the pale of the sensory realm. Practice, the path of mastery, exists only in the present. You see it, hear it, smell it, feel it. To love the plateau is to love the eternal now, to enjoy the inevitable spurts of progress and the fruits of accomplishment, then serenely to accept the new plateau that waits just beyond them. To love the plateau is to love what is most essential and enduring in your life."
George Leonard -- Mastery
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
Commisso,
Originally posted by Commisso
Do people actualy get any use from me posting these things??? I just compile them in a database and i figured i would just cut and paste them here, so are they of any use???
It's obvious to me that you have a tremendous amount to offer other than simply copy/pasting from a large quotes database. I look forward to more of your "actual" posts and commentary.
Originally posted by Commisso
I have 300 and something post and about 30 actual posts...
"There is one important caveat to the notion that we live in a new economy, and that is human psychology...which appears essentially immutable."
Alan Greenspan
"The management has no stake in the company"
Quote from Micheal Douglas in the film wallstreet.
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Charts on my homepage
Yes Commisso this helps;aiming on the peanut path
This is concerning not the peanuts cartoon,but the elephant food:,) and trading. ''Follow the tracks of an elephant in the mud''
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murray t turtle,nickname,not an alias
Mountain lion or elephant help
''Decades of data supports the tendency of stocks to rally from October to May.''Larry Williams Article,Active Trader mag 4/2002
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murray t turtle,nickname,not an alias
Peanut size quote, with an elephant
"Debt is the weak link that snaps you''Technical Analysis of Stocks&Commodities Mag, Warren Buffet.[bonus issue 2002]
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murray t turtle,nickname,not an alias
All listen quote
''When the guru speaks we should all listen[talking about]Abbey Joseph Cohen,Goldman Sachs. ''Tony Oz book quote.[context,charts]
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murray t turtle,nickname,not an alias
market experience
It takes many hours of real market experience to connect with the knowledge of your education.
-???
I have decided to stop posting quotes to this thread here on elite, BUT for anybody who enjoyed them and is interested in keeping up with them I will be continuing the thread here:
http://www.marketpuzzle.com/showthread.php?threadid=28
at marketpuzzle.com
PEACE and good trading,
Commisso
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
commisso, your post is very helpful,
I learn much from your posts and hitman's posts.
thank you very much!
though i have read some good book
your post let me grasp some concepts more tightly.
Hitman posts let me know how a daytrader do, though i do more swing tradings.
Peanut size quote in an elephant size article
''Ego sunk the titanic;the iceberg just happened to be in the neighborhood'' Mark Cook,top trader,farmer,writer.[Active Trader article 5/2002
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murray t turtle,nickname,not an alias
Peanut size quote and brains
''Years to become a consistently profitable trader''Traders spend years building brain tissue''Mark Cook,top trader ,farmer,writer,Active Trader Interview.5/2002
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murray t turtle,nickname,not an alias
Peanut size quote and brain food
''European doctors write over one million prescriptions for it every month.Ginkgo biloba[oldest species of tree known] has the main use to improve cerebral function,mental awareness,and overall brain function.''DR. Julian Whitaker,M.D.
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murray t turtle,nickname,not an alias
Peanut size quote;trading company brains
''Mental stops''[context of cut losses or profits ride]Don Bright,Technical Analysis of Stocks and Commodoties,4/2002 [Personal,I like mental stops written down in my notebook.]
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murray t turtle,nickname,not an alias
"Run boy run, grab your sack (balls and cash) and run... Don't stop running until you see a pig fly." -RAY
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I am probably wrong more than I am right, I just have to trade it right. (c)
Re: Peanut size quote;trading company brains
Originally posted by murray t turtle
''Mental stops''[context of cut losses or profits ride]Don Bright,Technical Analysis of Stocks and Commodoties,4/2002 [Personal,I like mental stops written down in my notebook.]
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Don Bright (not an alias)
http://www.stocktrading.com
Brains and trading
''Gingo biloba has been shown to be helpful with slow thinking''From the booklet ANTI-AGING MIRACLES,by DR.Julian Whitaker,M.D.
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murray t turtle,nickname,not an alias
Brains,trading and goals
Roy Cahnman quote''Should be a primary goal to own a home free and clear''Last chapter in book When Supertraders meet Kryptonite[clearing firm context!]
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murray t turtle,nickname,not an alias
Ed Seykota and a 3-point joke
1. ''Was having dinner with a fundamentalist trader''
2. ''I accidentally knocked a sharp knife off the edge of the table.He watched it twirl thru the air and stick in his shoe.''
3. ''WHY didn't you move your foot !'' I exclaimed. I was waiting for it to move back up he replied'' Ed Seykota
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murray t turtle,nickname,not an alias
Re: Ed Seykota and a 3-point joke
Originally posted by murray t turtle
1. ''Was having dinner with a fundamentalist trader''
2. ''I accidentally knocked a sharp knife off the edge of the table.He watched it twirl thru the air and stick in his shoe.''
3. ''WHY didn't you move your foot !'' I exclaimed. I was waiting for it to move back up he replied''
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Don Bright (not an alias)
http://www.stocktrading.com
The chances of a fundamentalist trader blowing up today are higher than ever before.
Two points + two trends
**Good points Don Bright and Tom P.
Jim Rogers[top trader]quote''
Nation number '' 1- Chile is my favorite country in this region.''
Nation number ''4-Uruguay ,besides Chile is the only other nation in S outh America to recieve an investment- grade bond rating.'' Worth mag 12/2001 [''Buying value,selling hysteria'']
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murray t turtle,nickname,not an alias
King size quote on the flip side of brains+ a bull market
''Don't confuse a bear market with stupidity'' Mark Kingdon.
Started trading 2 shares of stock,recieved at his bar mitzvah.Helps run Kingdon Capital.
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murray t turtle,nickname,not an alias
More brains in a bear market
''Not confusing a bull market with brillance and a bear market with stupidity. Markets are markets. You can't take it personally.''
Mark Kingdon, Kingdon Capital.
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murray t turtle,nickname,not an alias
The greatest pleasure in life is doing what people say you cannot do.
-Walter Bagehot
I do most of my work sitting down; that's where I shine.
-Robert Benchley
You can observe a lot by just watching.
-Yogi Berra
What is now proved was once only imagined.
-William Blake
No one can earn a million dollars honestly.
-William Jennings Bryan
If you can count your money, you don't have a billion dollars.
-J. Paul Getty
The wages of bad trading is death.
-Romans 6:23
The secret of success is to know something nobody else knows.
-Aristotle Onassis
We made too many wrong mistakes.
-Yogi Berra
You got to be careful if you don't know where you're going, because you might not get there.
-Yogi Berra
Wherever I climb I am followed by a dog called "Ego".
-Friedrich Nietzsche
I never make stupid mistakes. Only very, very clever ones.
-John Peel
Even God cannot change the past.
-Agathon
It is unbecoming for young men to utter maxims.
-Aristotle
It's a good thing for an uneducated man to read books of quotations.
-Winston Churchill
Trends in peace; trends in war
''Write down what you have learned about the market from that trade. I make mistakes all the time'' Michael Masters-top trader-Jack Schwager book.
P.s. Welcome back Don, I remember you wrote one [1] time your trading company has a few chart readers!!
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murray t turtle,nickname,not an alias
One [1] quote + More research
"You do not exist for yourself''
LBR Group,5/1/2002
mrci.com
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murray t turtle,nickname,not an alias
murray t. turtle,
Let it die already.
''It died'' + Here's an emreald quote for the gravestone
''I tell you time is the greatest proving ground for a dream. Don't leave early
hang out for your reaping in joy''
Darlene Zschech--Emerald Press, Australia [Her husband likes old books]
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murray t turtle,nickname,not an alias
Originally posted by Magna
murray t. turtle,
Let it die already.
"when things go wrong, they never go right"
doher
1980
--- walk away
still applies today
Ringo Starr -sang
"It Don't Come Easy" ____>
after nearly 2 years down 65%
doher
Re: Peanut size quote and brain food
Originally posted by murray t turtle
''European doctors write over one million prescriptions for it every month.Ginkgo biloba[oldest species of tree known] has the main use to improve cerebral function,mental awareness,and overall brain function.''DR. Julian Whitaker,M.D.
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{Speculations}
Originally posted by gerry875
"There is one important caveat to the notion that we live in a new economy, and that is human psychology...which appears essentially immutable."
Alan Greenspan
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{Speculations}
Time and chance happen to them all. -- Solomon.
The lot is cast into the lap, but it's every decision if from the Lord. -- Solomon.
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{Speculations}
Frozen Concentrated Orange Juice Pit
"Mortimer, Your brother is having a heart attack!"
..."Fuck him! Get back in there and SELL!!!"
~Mortimer Duke
best stock market quote ever
"There is nothing like losing all you have in the world for teaching you what not to do. And when you know what not to do in order not to lose money, you begin to learn what to do in order to win. Did you get that? You begin to learn!" - Reminiscences of a Stock Operator by Edwin Lefevre
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"You're walking around blind without a cane, pal. A fool and his money are lucky enough to get together in the first place." - Gordon Gekko, Wall Street
buy low, sell high.
hey, it works.
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{Speculations}
"Can't we all just get a long?"
Rodney King
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{Speculations}
murray t. turtle,[greetings] from the// world of the >sane!
are your lights on?
Random Money
I wish I could make more random money - sure buys as much as non-random money.
nitro
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"You have to fix your roof when it's sunny outside" - JFK
"Can't we all just get along?"
Jack Nicholson
"Bargaining" with the enemy in "Mars Attacks".
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If you care, don't share (your strategy).
"Will work for margin."
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{Speculations}
More quotes
http://www.investorhome.com/quotes/
He always thought of the sea as la mar which is what people call her in spanish when they love her. Sometimes those who love her say bad things of her but they are always said as though she were a woman. Some of the younger fisherman, those who used buoys as floats for their lines and had motorboats, bought when the shark livers had brought much money, spoke of her as el mar which is masculaine. They spoke of her as a contestant or a place or even an enemy. But the old man always thought of her as femenine and as something that gave or witheld great favours, and if she did wild or wicked things it was because she could not help them. The moon affects her as it does a woman.
~Hemingway~
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He deals the cards to find the answer...
The sacred geometry of chance...
The hidden law of a probable outcome...
The numbers lead a dance...
"You either do it right or you get eliminated"
"In hope and desire there is suffering"
Dripping hot butter makes my body burn...
"How can you hit the ball and think at the same time?" ~Yogi Berra~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
Adopt the pace of nature;
Her secret is patience.
~Ralph Waldo Emerson~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
If defeat has more to teach us than victory, then perhaps a defeat is a victory unto itself?
~Miron Stabinsky~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
When the pools of perception are cleansed, everything appears as it is. ~Zen Proverb~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
Teach us to care and not to care;
Teach us to sit still.
~T. S. Eliot~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
You should not grieve over bad shots; learn how not to rejoice over the good ones. You must free yourself from the buffetings of pleasure and pain, and learn to rise above them in easy equanimity… This too, you must practice unceasingly – you cannot conceive how important it is. ~Eugene Herrigel~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
Victory shifts from man to man ~Homer~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
He who fears being conquered is sure of defeat. ~Napolean~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
What discourages opponents from coming is the prospect of harm. ~Sun Tzu~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
Pride goeth before destruction, and a haughty spirit before a fall. ~Proverbs 16.18~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"Smiles form the channels of future tears" ~Japanese Proverb~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
Boast not thyself of tomorrow; for though knowest not what a day may bring forth. ~Proverbes 27:1~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
It’s just like learning archery; eventually you reach a point where ideas are ended and feelings forgotten, and then you suddenly hit the target.
~Zen master Ying-An~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"Chance is always powerful. Let your hook be always cast;
in the pool where you least expect it there will be fish"
~Ovid~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
" No amount of observations of white swans can allow the inference that all swans are white, BUT the observation of a single black swan is sufficient to refute that conclusion"
David Hume -- Treatise on Human Nature
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"...human experience is determined as much by the nature of mind and the structure of the senses as by external objects whose presence the mind reveals"
~Alan Watts~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"...the measuring of worth and sucess in terms of time, and the insistent demand for assurances of a promising future make it impossible to live freely both in the present and in "the promising" future when it arrives. For there is never anything but the present and if one cannot live there, one cannot live anywhere..."
~Alan Watts~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
...For a man rings like a cracked bell when he thinks and acts with a split mind -- one part standing aside to interfere with the other, to control, to condemn, or to admire"
~Alan Watts~
__________________
"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
You see, you hesitate. But as a captain you can't. You have to act. If you don't, you put the entire crew at risk.
Now that's the job. It's not a science. You have to be able to make hard decisions, based on imperfect information, asking men to carry out orders that may end up in their death. And if you're wrong you suffer the consequences. If you're not prepared to make those decisions without pause, without reflection, then you've got no business being a submarine captain.
U571
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"Physical concepts are free creations of the human mind, and are not, however it may seem, uniquely determined by the external world. In our endeavor to understand reality we are somewhat like a man trying to understand the mechanism of a closed watch. He sees the face and the moving hands, even hears its ticking, but he has no way of opening the case. If he is ingenious he may form some picture of a mechanism which could be responsible for all the things he observes, but he may never be quite sure his picture is the only one which could explain his observations. He will never be able to compare his picture with the mehanism and he cannot even imagine the possibility of the meaning of such a comparison."
~Albert Einstein~
__________________
"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
Man is the only animal to blush; for he is the only one that needs to...
~Mark Twain~
__________________
"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
You can cut water with a knife, yet water alone cut the grand canyon out of solid rock... ~Alan Watts~
__________________
"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
There is nothing in the world weaker than water;
yet there is no better in overcoming what is hard and strong...
~Lao Tzu~
__________________
"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
Eddie Felson: Boy you don't leave much on the table when ya miss do ya fat man???
Minnesota Fats: That's what the gams all about, no?
The Hustler
__________________
"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
He deals the cards as a meditation
And those he plays never suspect
He doesn't play for the money he wins
He don't play for respect
He deals the cards to find the answer
The sacred geometry of chance
The hidden law of a probable outcome
The numbers lead a dance
I know that the spades are the swords of a soldier
I know that the clubs are weapons of war
I know that diamonds mean money for this art
But that's not the shape of my heart
He may play the jack of diamonds
He may lay the queen of spades
He may conceal a king in his hand
While the memory of it fades
I know that the spades are the swords of a soldier
I know that the clubs are weapons of war
I know that diamonds mean money for this art
But that's not the shape of my heart
That's not the shape, the shape of my heart.
And if I told you that I loved you
You'd maybe think there's something wrong
I'm not a man of too many faces
The mask I wear is one
Well, those who speak know nothin'
And find out to their cost
Like those who curse their luck in too many places
And those who fear are lost
I know that the spades are the swords of a soldier
I know that the clubs are weapons of war
I know that diamonds mean money for this art
But that's not the shape of my heart
But that's not the shape of my heart
That's not the shape, the shape of my heart
That's not the shape, the shape of my heart
~STING; Shape of my heart~
__________________
"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
Time present and time past;
Are both perhaps present in time future.
And time future contained in time past.
If all time is eternaly present
All time is unredeemable.
What might have been is an abstraction
Remaining a perpetual possibility
Only in a world of speculation.
What might have been and what has been
Point to one end, which is always present.
Footfalls echo in the memory
Down the passage we did not take
Towards the door we never opened
Into the rose-garden...
~T. S. Elliot~ (reflecting upon Lewis Carrol's opening chapter of Alice in Wonderland)
__________________
"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"True intelligence does not reside in the mind, but in the hands"
~Bagger Vance / Steven Pressfield~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"The wise man can entertain a thought or idea without becoming attached to it" ~Aristotle~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
What no one seems to comprehend is that there is only one battle, and that we are compelled by our nature and the nature of reality to fight it again and again. The war that is coming is but an outer reflection of an irresistable inner reality...
Publius
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"What is true of archery and swordsmanship also applies to all the other arts. Thus, mastery in ink-painting is only attained when the hand, exercising perfect control over technique, executes what hovers before the mind's eye at the same moment when the mind begins to form it, without there being a hair's breadth between. Painting then becomes spontaneous calligraphy. Here again the painter's structions might be: Spend ten years observing bamboos, become a bamboo yourself, then forget everything and - paint."
Eugen Herrigel,
Zen in the Art of Archery
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
There are some things which cannot be learned quickly, and time, which is all we have, must be paid heavily for their acquiring. They are the very simplest things, and because it takes a man's life to know them the little new that each man gets from life is very costly and the only heritage he has to leave.
-- Ernest Hemingway
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
...For a master the rewards gained along the journey are fine, but they are not the main reason for the journey. Ultimatey, the master and the masters path are one. And if the traveller is fortunate -- that is, if the path is complex and profound enough -- the destination is two miles farther away fir every mile he or she travels...
~George Leonard~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
When the senses contact sense objects, a person experiences pleasure or pain. These experiences are fleeting;they come and go. Bear them patiently, Arjuna. Those who are not affected by these changes, who are the same in pleasure and in pain, are truly wise and fit for immortality. Assert your strength and realize this!.
The Bhagavad Gita
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
Rough Day
"It's been a rough day.
I got up this morning, put on a shirt, and a button fell off.
I picked up my briefcase and the handle came off.
Now I'm afraid to go to the bathroom."
Rodney Dangerfield...extract from Commodity Futures and Options by George Kleinmann
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toby
trouserfart.com
"Everything should be made as simple as possible, but not simpler"
Albert Einstein
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
I never think of the future. It comes soon enough.
Albert Einstein, 1930
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"Economic history is a never-ending series of episodes based on
falsehoods and lies, not truths. It represents the path to big
money. The object is to recognize that trend whose premise is
false, ride that trend, and step off before it is discredited."
-George Soros
__________________
"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"Goals and contingencies, as I've said are important. But they exist only in the past and the future, beyond the pale of the sensory realm. Practice, the path of mastery, exists only in the present. You see it, hear it, smell it, feel it. To love the plateau is to love the eternal now, to enjoy the inevitable spurts of progress and the fruits of accomplishment, then serenely to accept the new plateau that waits just beyond them. To love the plateau is to love what is most essential and enduring in your life."
George Leonard -- Mastery
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"It never was my thinking that
made the big money for me. It always was my sitting.
My sitting tight! Men who can both be
right and sit tight are uncommon."
-Jesse Livermore
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
There is no use trying, said Alice; one can't believe impossible things. I dare say you haven't had much practice, said the Queen. When I was your age, I always did it for half an hour a day. Why, sometimes I've believed as many as six impossible things before breakfast.
~ Lewis Carroll ~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"...I learned early on that there is nothing new in Wall Street. There can't be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again. I've never forgotten that....The fact that I remember that way is my way of capitalizing experience."
Reminiscences of a Stock Operator
By Edwin LeFevre
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"Good judgment comes from experience. Experience comes from bad judgment."
Mark Twain
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
Time opens any door for he who waits.
chinese proverb
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
I'm glad my intuition doesn't always have to take the hassle of explaining itself."
~Darkhorse~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"Markets are the same now as they were 5 or 10 years ago because they keep changing -- just like they did then..."
Ed Seykota
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"Man's character is his fate." Heraclitus
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"Offense is for times of sufficient strength, defense for times of insufficient strength" -- Sun Tzu
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"Strength exerted equals greater strength, weakness endulged equals greater weakness" -- Carlos Casteneda
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"...I will therefore state the following argument. If the science of statistics can benefit me in anything, I will use it. If it poses a threat, then I will not. I want to take the best of what the past can give me without its dangers. Accordingly, I will use statistics and inductive methods to make aggresive bets, but I will not use them to manage my risk and exposure..."
~Nassim Nicholas Taleb~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"What good is intellect if it leaves us immobile and frozen in indecision? At some point, despite all the other options, you have to commit yourself to a path. Being flexible if fine, it's maybe the greatest talent you can have, but in order to define yourself, you need to pursue your passion. There will always be good reasons not to do something, or to do something else, the world is full of women more beautiful than your wife, you can never choose the best car, there's always a cheaper air fare. What's most important is that you choose and get on with your life."
-Chuck Palahniuk
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"Some men see things as they are and ask why. Others dream things that never were and ask why not."
~George Benard Shaw~
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"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"A tree that reaches past your embrace grows from one small seed.
A structure over nine stories high begins with a handful of earth.
A journey of a thousand miles starts with a single step."
~Lao Tzu -- Tao Te Ching~
__________________
"Foolish consistencey; the hobgoblin of feeble minds..." ~Emerson~
"The mass of men lead lives of quiet desperation. "
-Henry David Thoreau
Don't become part of the masses.
All streams flow to the ocean because it is lower than they -- humility gives it power... ~Lao Tzu~
All fear is just illusion.All energy directed at what you dont want is a waste of your time and talent.
Martha Sipe
Trading Maxims/Quotes
Fear is an illusion? What a stupid statement. You are obviously a moron or at least working to be one. I guess you have never been in combat or anyone of a myriad or dangerous situations.
Out of the mouths of babes comes more drool for the brain. Spoken like a true idiot.
xionaki that comment is meant for mental situations. we are not talking about war or somebody pointing a gun at you.
the person who made this comment is a multimillionaire CFA .
what have you got to show for yourself.
P.S. thanks for your kind comments tells me you are an angry loser.
gentleman can you kindly take this bickering elsewhere please? This has been an ongoing thread for close to a year now and there has been none of this ish up until now...
TIA
Commisso
Trading Maxims/Quotes
Sure they are broke69er. You need to lay off the crak pipe.
I would be glad to put a verified and notarized copy of my net worth along with my total earnings last year up against anyones one this board.
What we can do is anyone that wants to compete can put up 50k to enter the challenge. The one with the highest overall net worth takes the entire pot plus and annual annuity of 25k a year to be paid by all losers. Sounds fair to me.
Purpose of the thread
Lets try again....
The market is an Autocrat. Whatever it wants, it gets. There is no questioning its decision to move up or down. Your vote does not count. You are living in an Autocratic state.
Fighting a superior opponent is foolishness. It is like sending an infantry to fight a tank battalion. In trading, the sooner you realize the market is your superior and that it is always right the better off you will be
Be honest with yourself and know your limitations as a trader. The market will always strike you at your weakest point.
Trading Maxims/Quotes
They
Great points. Now I know who "they" are.
trade what you think, not what you see
traditional chart reading is quite deceptive that is why:
"trade what you think, not what you see"
best,
surf
Oh the pain of the "Sausage-Dog!"
When you've put on a short that's gotten away from you (ie - you're getting the snot squeezed outta you):
The Sausage-Dog
feeling like someone shoved a juicy sausage down your throat and stuffed a hungry dog up your ass -- and of course you know the futility of saying, "nice doggie, nice doggie."
Haven't had a case of the sausage-dog in years! (PSFT in October 2000 to be exact).
I've learned that when a man with money meets a man with experience, the man with the experience ends up with the money and the man with the money ends up with the experience.
__________________
Chad Lapides
ECHOTRADE LLC
www.echotradeonline.com
Cause you have to learn before you can earn.
I believe in me.
Nassim Taleb
the quote is my signature
__________________
The dialectical method of Georg Wilhelm Friedrich Hegel (1770-1831) consists of two main steps: the invention of artificial extremes (``thesis'' and ``antithesis'') which superficially conflict with each other, and the synthesis from that conflict of a goal, which is made to appear to be the product of consensus. The artificial extremes are chosen and propagandized (marginalizing the population) in such a way that the goal is naturally synthesized from them. It is, essentially, a trick - a fraud. It is a strategy of ideological divide-and-conquer. The dialectic ruse dissipates the energy and coherency of its targets - unless they recognize the ruse as such.
The Architecture of Modern Political Power
The greatest part of it is in the preparation
Traders often forget that "Trading is hard work. The greatest part of it is in the preparation. Trading is 85-percent grunt time and 15-percent fun time."
Joe Ross
__________________
The dialectical method of Georg Wilhelm Friedrich Hegel (1770-1831) consists of two main steps: the invention of artificial extremes (``thesis'' and ``antithesis'') which superficially conflict with each other, and the synthesis from that conflict of a goal, which is made to appear to be the product of consensus. The artificial extremes are chosen and propagandized (marginalizing the population) in such a way that the goal is naturally synthesized from them. It is, essentially, a trick - a fraud. It is a strategy of ideological divide-and-conquer. The dialectic ruse dissipates the energy and coherency of its targets - unless they recognize the ruse as such.
The Architecture of Modern Political Power
Phantom of the pit
"We must remove the emotional element as quickly as possible in trading. If you can do it before you put on a position, you have a good start."
http://www.futuresmag.com/futurescl...om/phantom.html
__________________
The dialectical method of Georg Wilhelm Friedrich Hegel (1770-1831) consists of two main steps: the invention of artificial extremes (``thesis'' and ``antithesis'') which superficially conflict with each other, and the synthesis from that conflict of a goal, which is made to appear to be the product of consensus. The artificial extremes are chosen and propagandized (marginalizing the population) in such a way that the goal is naturally synthesized from them. It is, essentially, a trick - a fraud. It is a strategy of ideological divide-and-conquer. The dialectic ruse dissipates the energy and coherency of its targets - unless they recognize the ruse as such.
The Architecture of Modern Political Power
Originally posted by MrDinky
It's a good thing for an uneducated man to read books of quotations.
-Winston Churchill
"When animals -- and almost all normal people -- face a physical threat, their bodies go rigid. From a physiological standpoint it's not efficient, but it's the general rule. Ploar bears are the exception. They can lie in wait, perfectly relaxed, for two hours without once releasing the heightened readiness of their muscles."
~Peter Hoeg, Smilla's Sense of Snow~
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Magic Theatre; (entrance not for everyone) ---->MADMEN ONLY!
turtles...
"Logger-head Sea Turtles get nothing."
- anonymous
"Fine line between holding on 'too' tight and staying committed to letting a play work itself out... This space between is where you'll find me..."
~Commisso~
__________________
Magic Theatre; (entrance not for everyone) ---->MADMEN ONLY!
"Not everything that COUNTS can be counted and not everything that can be counted ----> COUNTS..." ~Einstein~
__________________
Magic Theatre; (entrance not for everyone) ---->MADMEN ONLY!
"If it makes CENTS than it makes SENSE, but not everything that makes SENSE will make CENTS..."
~Commisso~
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Magic Theatre; (entrance not for everyone) ---->MADMEN ONLY!
"My first rule is not to lose money. Losing an opportunity is minor in comparison, because there are always new opportunities around the corner." - Burt Dohmen
__________________
The dialectical method of Georg Wilhelm Friedrich Hegel (1770-1831) consists of two main steps: the invention of artificial extremes (``thesis'' and ``antithesis'') which superficially conflict with each other, and the synthesis from that conflict of a goal, which is made to appear to be the product of consensus. The artificial extremes are chosen and propagandized (marginalizing the population) in such a way that the goal is naturally synthesized from them. It is, essentially, a trick - a fraud. It is a strategy of ideological divide-and-conquer. The dialectic ruse dissipates the energy and coherency of its targets - unless they recognize the ruse as such.
The Architecture of Modern Political Power
Funny quotes showing the "new economy" fairy tale was an old story used at least twice. Sorry I don't have the original english version but the translated version in french magazines but it's no problem with babelfish automatic translation see at the end
"De nombreuses vieilles règles classiques de l'analyse économique ne s'appliquent plus à la nouvelle économie; au fil des ans, les états unis ont élaboré et appris leurs propres règles nouvelles" - Le Time du 31 Décembre 1958
"L'imaginatif Wall Street est depuis longtemps convaincu que nous sommes entrées dans une ère financière où tous les précédents ne sont d'aucune utilité et que non seulement les marchés se réfèrent à de nouveaux principes économiques, mais encore que le jugement qui se fonde sur l'expérience est certain d'aller à l'erreur. [...] Les anciens critères sont en premier lieu futiles, et en second lieu enfantin." - L'Editorial du New York Times le 20 Octobre 1929 cité dans un article récent (2001) du Nouvel Economiste
-----
Translation with http://babelfish.altavista.com/babelfish/tr
"many old women () traditional rules of the economic analysis do not apply any more to the new economy; with the passing of years, the United States worked out and learned their own new rules "- Time from 31 Décembre 1958
"imaginative ( ) Wall Street is for a long time convinced that we entered one financial era where all the precedents are not of any utility and which not only the markets refer to new economic principles, but still that the judgement which is based on the experiment is certain of going to the error [... ] the old criteria are initially futile, and in the second place childish." - the Leading article of the New York Times on October 20, 1929 city in a recent article (2001) of the New Economist
__________________
The dialectical method of Georg Wilhelm Friedrich Hegel (1770-1831) consists of two main steps: the invention of artificial extremes (``thesis'' and ``antithesis'') which superficially conflict with each other, and the synthesis from that conflict of a goal, which is made to appear to be the product of consensus. The artificial extremes are chosen and propagandized (marginalizing the population) in such a way that the goal is naturally synthesized from them. It is, essentially, a trick - a fraud. It is a strategy of ideological divide-and-conquer. The dialectic ruse dissipates the energy and coherency of its targets - unless they recognize the ruse as such.
The Architecture of Modern Political Power
Yeah for one dollar spent for education in United States 5 are spent for building prisons. That makes sense
Quote from Fluidity:
"If it makes CENTS than it makes SENSE, but not everything that makes SENSE will make CENTS..."
~Commisso~
__________________
The dialectical method of Georg Wilhelm Friedrich Hegel (1770-1831) consists of two main steps: the invention of artificial extremes (``thesis'' and ``antithesis'') which superficially conflict with each other, and the synthesis from that conflict of a goal, which is made to appear to be the product of consensus. The artificial extremes are chosen and propagandized (marginalizing the population) in such a way that the goal is naturally synthesized from them. It is, essentially, a trick - a fraud. It is a strategy of ideological divide-and-conquer. The dialectic ruse dissipates the energy and coherency of its targets - unless they recognize the ruse as such.
The Architecture of Modern Political Power
Sometimes
doing nothing is the BEST trade... Iceman
The greatest mistake you can make in life is to be continually fearing that you will make one.... Anonymous
Women
"A woman will spend 1 dollar on a 2 dollor item she doesn't need. A man will spend 2 dollars on a 1 dollar item he needs."
How does this apply to trading? It will come to you...
here's a couple
"Winning is easy. Don't factor your losers into your portfolio."
- Paraphrased from Mr Market
"They say that a man who is his own stock advisor has a fool for a client. Ladies and Gentlemen, I am that fool"
-- adapted from Addams Family courtroom speech
__________________
Trade, sleep, eat, trade...
In case its been missed...
Plan your trade, trade your plan...
Translation by Phantom Trader
Quote from harrytrader:
"De nombreuses vieilles règles classiques de l'analyse économique ne s'appliquent plus à la nouvelle économie; au fil des ans, les états unis ont élaboré et appris leurs propres règles nouvelles" - Le Time du 31 Décembre 1958
"L'imaginatif Wall Street est depuis longtemps convaincu que nous sommes entrées dans une ère financière où tous les précédents ne sont d'aucune utilité et que non seulement les marchés se réfèrent à de nouveaux principes économiques, mais encore que le jugement qui se fonde sur l'expérience est certain d'aller à l'erreur. [...] Les anciens critères sont en premier lieu futiles, et en second lieu enfantin." - L'Editorial du New York Times le 20 Octobre 1929 cité dans un article récent (2001) du Nouvel Economiste"
Undervalued/Overvalued
Quote from bud_fox76:
"A woman will spend 1 dollar on a 2 dollar item she doesn't need. A man will spend 2 dollars on a 1 dollar item he needs."
How does this apply to trading? It will come to you...
My english is worst than Babelfish, perharps I should use it more often
Quote from Phantom Trader:
Translation by Phantom Trader
Babelfish is great. Not perfect, of course. But still a great thing.
Harry, how often do you use Babelfish to assist in your posts on here? This may explain some of the difficulty people sometimes find in trying to understand your messages.
__________________
The dialectical method of Georg Wilhelm Friedrich Hegel (1770-1831) consists of two main steps: the invention of artificial extremes (``thesis'' and ``antithesis'') which superficially conflict with each other, and the synthesis from that conflict of a goal, which is made to appear to be the product of consensus. The artificial extremes are chosen and propagandized (marginalizing the population) in such a way that the goal is naturally synthesized from them. It is, essentially, a trick - a fraud. It is a strategy of ideological divide-and-conquer. The dialectic ruse dissipates the energy and coherency of its targets - unless they recognize the ruse as such.
The Architecture of Modern Political Power
You will lose.
Cut your losses quickly.
Capital preservation is most important.
You will leave money on the table every trade.
Never average down.
**Not in order of importance**
__________________
You must be in to win!
About Babelfish I remember this article from Hopkins researchers :
http://www.jhu.edu/%7ejhumag/1102web/language.html
A famous anecdote in the machine translation field centers on the biblical saying "The spirit is willing, but the flesh is weak." When the phrase was translated into Russian by an early computer translation program in the 1950s, the story goes, the answer came back: "The whiskey is strong, but the meat is rotten." Over the years, that story has been debunked as myth.
Yet enter the same phrase into Babel Fish Translation online today and translate it into, say, Spanish, and the answer comes back, "The alcohol is ready, but the meat is weak." For some real fun, translate that back into English. The resulting phrase harkens to that game known as "Telephone" where a phrase is passed down the line and misinterpreted along the way. The next Spanish-to-English version reads: "The ready alcohol this, but the meat is debil." And that's for two of the most commonly spoken and computer-translated human languages.
Quote from harrytrader:
My english is worst than Babelfish, perharps I should use it more often
__________________
The dialectical method of Georg Wilhelm Friedrich Hegel (1770-1831) consists of two main steps: the invention of artificial extremes (``thesis'' and ``antithesis'') which superficially conflict with each other, and the synthesis from that conflict of a goal, which is made to appear to be the product of consensus. The artificial extremes are chosen and propagandized (marginalizing the population) in such a way that the goal is naturally synthesized from them. It is, essentially, a trick - a fraud. It is a strategy of ideological divide-and-conquer. The dialectic ruse dissipates the energy and coherency of its targets - unless they recognize the ruse as such.
The Architecture of Modern Political Power
Think about this one!
The daily demands of trading are so intense that many players just grow lazy and evolve a self-destructive style. Fatigue sets in as the mind struggles to organize this world, and many shades of gray resolve into black and white illusion!
dog
Small dogs have the loudest barks
Translation done by Word Replacement Engine www.esoteric-sensationalism.com
Na tenderer personage in the mooter carcinogenesis nonsusceptible wonts gentility the tenuous tutoring "The spectroscopy is willing, vendibility the standstill is weak." Intersex the foldout masculinized hopped into Anywhere by an uncool stud carcinogenesis paraplegia in the 1950s, the intervention goes, the quartet addrest back: "The syncline is strong, vendibility the bailee is rotten." Precollegiate the years, that intervention reeve been munched as myth. Yet grimace the ma foldout into Overbooked Storehouse Aquiver online ladyfingers and typeset it into, say, Spanish, and the quartet reheels back, "The welt is ready, vendibility the bailee is weak." For some transporter fun, typeset that colonizationist into English. The gifting foldout fleers to that bandbox clothed as "Telephone" oscillometry voila foldout is pushed emoter the maenad and weaned along the way. The doublethink Spanish-to-English vino reads: "The luck welt this, vendibility the bailee is debil." And that's for tapster of the turnable acoustically surpassed and computer-translated jam
Harry, alors pourquoi ne pas faire une partie francaise et une partie english so that everyone can understand you 100% ;)
Just a thought / Juste une pensée
__________________
Swoop
some memorable quotes from Rounders
Most if not all of them apply to trading even life itself...
If you can’t spot the sucker after your first half hour at the table, then you are
the sucker.
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You play for a living. You don’t gamble. You grind it out.
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Get your money in when you have the best of it. Protect it when you don’t.
Don’t give anything away. A true grinder.
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I learned how to win a little at a time. But finally I’ve learned this.If your too
careful - your whole life can become a fuckin grind
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I hope you not thinking of putting all that glimmer in play.
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Some people, pros even, won’t play no limit. They can’t handle the swings.
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Life is on the wire. The rest is just waiting.
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I’m down to the felt. I lost everything.
---------------
Happens to everyone. From time to time everyone goes bust. You’ll be back
in the game before you know it.
---------------
You don’t hear much about guys who take their shot and miss. But I’ll tell you
what happens to them. They end up humping crappy jobs on midnight shifts
trying to figure out how they came up short.
--------------
The cardinal rule. Always leave yourself outs.
--------------
A nickel would get me start very nicely. 220? Hey thanks, but that’s
like 11 bets.
--------------
Few players recall big pots they have won. But every player can recall with
remarkable accuracy the outstanding tough beats of his career.
--------------
It’s immoral to let a sucker keep his money
--------------
You can sheer a sheep many times. But skin him only once.
--------------
He’s see all the angles but he doesn't’t have the balls to play one.
--------------
Why does this still seem like gambling to you? Why do you suppose the
same 5 five guys make it to the finals in the world series of poker every
single year?
--------------
I was watchin em when the cards came out. That’s just an old habit with me..like….breathing.
You watched the cards?
I watched the cards also. But I was watching the players reacting to the cards.
--------------
We can’t run from who we are. Our destiny chooses us.
-------------
also posted by tafkai on another thread
Josh
few more from Rounders
Throw in your cards the moment you know you can’t win. Fold the hand.
-----------
Your never down and out until your chips are all gone.
-----------
He doesn’t know what hit him.
I know what that feels like. Like a locomotive through your stomach.
-----------
The move was folding. I can’t lose what I don’t put in the middle.
-----------
Fold or hang tough. Call or raise the bet. These are decisions you make at
the table. Sometimes the odds are stacked so clear there’s only one way
to play it.Other times like holding a small pair against two over cards
it’s 6 to 5 or even money either way. Then it’s all about feel. What’s in
your guts.
-------------
I tell you to play within your means, you risk your whole bankroll. I tell you
not to over extend yourself, to rebuild , you go into hock for more.
I was givin you a livin Mike. Showing you the playbook I made off my
own beats. It wasn’t enough for you.
------------
I put it all on the line that’s true.But you know what ..it wasn’t a bad beat.
I wasn’t unlucky. I got outplayed. But I know I’m good enough to sit at
that table. It’s not a pipe dream.
-----------
I’ve often seen these people. These squares at the table. Short stacked and
long odds against. All their outs gone. One last card in the deck that can
help them. I used to wonder how they could let themselves get into
such bad shape. And how the hell they thought they could turn it around.
-----------
I told worm you can’t lose what you don’t put in the middle. But you can’t win much either.
-----------
People insist on calling it luck.
----------
Josh
maxims
"1/8 will always be 12 1/2 cents"
Re: Trading Maxims/Quotes
Quote from Commisso:
I would like to start an ongoing thread where traders can post quotes/maxims that they feel pertain to the game of trading.....
Feel free to post ANY quote that pertains to trading, but for the sake of a clean thread lets try not to have an ongoing discussion of them...JUST THE QUOTES!
PEACE and good trading,
Commisso
__________________
Sometimes you have to take the bull by the horns and wrestle it to the ground.
More music has been written about money than about love - and often, with a happier ending and a catchier tune.
Katherine Neville
A Calculated Risk, 1992
----------------------------
A fool and is money are soon parted. What I want to know is how they got together in the first place.
Cyril Fletcher
BBC radio program, May 28, 1969
----------------------------
There was a time when a fool and his money were soon parted but now it happens to everybody.
Adlai Stevenson
Money Talks
Rosalie Maggio, 1998, p. 18
----------------------------
A rogue trader is someone who loses money. What do you call someone who makes money? ‘Sir' or ‘boss.'
Phillip McBryde Johnson
Pensions & Investments Symposium on Risk Management
December 5, 1995
-----------------------------
The market will weed out financially incapable rogue players.
Juan Pujada, partner, Price Waterhouse
Risk, January, 1995
-----------------------------
I'm always nervous when a guy makes a lot of money . . . I've seen guys do what I call calendar spreads on their wives . . . sell the old, buy the new. That's a bad sign.
Brad Rotter, money manager
Futures, November, 1994, p. 16
-----------------------------
The ultimate error is to put a ton of money with geniuses who 'never lose money.' When all hell breaks loose, those guys lose everything.
Jerry Parker, Chesapeake Capital
The Wall Street Journal, October 29, 1998, p. C1
LTCM and couple others comes to mind reading the above..
-----------------------
On Enron Web site: Most of the things we do have never been done before.
The most dramatic of those "things" involved turning a $90 per share blue-chip company into a 25 cent per share pile of dust.
Steve Zwick
Futures
January, 2002, pp. 66-67
Josh
The worst thing a trader can have is an "attitude."
Donald R. Katz
"The Boys in the Pits"
Esquire, January, 1981, p. 38
--------------------------
The best thing a trader can have is discipline.
Donald R. Katz
"The Boys in the Pits"
Esquire, January, 1981, p. 38
--------------------------
It's economic warfare, but it's good warfare. It's damn good warfare.
Anonymous trader
quoted in Esquire, January, 1981, p. 39
-------------------------
My life is trading and trading is my life. It brings you closer to your psyche than anything else I know. Nowhere else is winning so close to losing and losing so close to winning.
Marc Steindl
Futures, July, 1996, p. 82
-------------------------
I have never, ever been in the futures market myself; I don't have the skill for it.
P. M. Johnson, departing chairman
Commodity Futures Trading Commission
The Wall Street Journal, April 29, 1983
------------------------
Make 10 points on a million trades - not a million points on 10 trades.
William Greenspan, futures trader
Futures, January, 1995, p. 38
------------------------
I am older now. I have more than I had hoped for but I wish that I had started long before I did.
Crosby, Stills and Nash
"Wasted on the Way"
1982
-----------------------
You can get as fancy as you want with your option strategies, but in this business, there's no substitute for being right. There's never been a guarantee for incremental returns.
Gene Brody, Oppenheimer Capital
Risk, June. 1995, p. 22
----------------------
It goes to show that when you are confused, it is best to do nothing.
George Soros
Futures, October, 1995, p. 72
----------------------
Any day that you're not belly-up is a good day in this business.
Mark Ritchie
God in the Pits: Confessions of a Commodities Trader, 1990, p. 1
----------------------
A career where success would never be determined politically, but only by the results produced on the bottom line of the account balance sheet.
Mark Ritchie
God in the Pits: Confessions of a Commodities Trader, 1990, p. 172
============
Josh
It seemed strange to me that a member of the prestigious Chicago Board of Trade could be a smashing success one year and begging for work the next.
Mark Ritchie
God in the Pits: Confessions of a Commodities Trader, 1990, p. 151
-----------------------
The stock market is like sex. It feels the best just before it ends.
Harvey Eisen
Dow and Jones: The Wizards of Wall Street
"Biography: A & E Television Network"
March 5, 1997
-----------------------
I'm not a seat-of-the-pants person, and options trading is a seat-of-the-pants business.
Elizabeth Mackay
Women of the Street
Sue Herera
1997, p. 75
----------------------
Read every book by traders to study where they lost money. You will learn nothing relevant from their profits (the markets adjust). You will learn from their losses.
Nassim Taleb
Derivatives Strategy, April, 1997, p. 25
---------------------
People always get excited when they hear about this strategy called ‘covered call writing.' They like the idea of picking up income - who doesn't - but rarely grasp the significance of the fact when the train leaves the station heading north, they won't be on it.
Don Chance
---------------------
It might sound like a whole new ballgame, but once you cut through the language, you were generally back to basics. Buy and sell, sell and buy, differences of opinion as to the worth and prospects of pieces of paper, that's what it came down to.
Hanover Place
Michael M. Thomas, 1990, p. 540
-------------------
In your grandfather's day, it was all buy and sell, sell and buy. No god but the tape, and speculators and traders were its prophets.
Hanover Place
Michael M. Thomas, 1990, p. 229
------------------
To some extent -but only some - Wall Street resembled a dogfight. The business demanded open eyes, wits about you, and the assumption that even the silkiest cloud contained enemy fighters waiting to pounce. But there any real similarity ended. People on the street liked to employ the language of combat, but money was one thing; bullets quite another. The amount of coolness and nerve required to stand firm in a market panic was a pale fraction of what it took to get through a minute of combat in the trenches or in the air.
Hanover Place
Michael M. Thomas, 1990, p. 37
---------------------
Trading is like sex. You don't have to be good at it to enjoy it.
Larry Williams
Quoted in Futures magazine, June, 1998, p. 18
--------------------
When I put my PC out on the trading floor in 1985, a senior manager asked "What are you doing? This is a trading floor. You're not allowed to have a PC.
Jeffrey Larsen
Quoted in Derivatives Strategies magazine, May, 1998, p. 39
-------------------
There are few things more frightening in the financial markets than senior executives suffering from the Tinkerbelle disease ('I believe, I believe') - the main symptom of which is an uqualified acceptance of the high profits reported by traders using 'superior' proprietary models.
Lee Wakeman
Quoted in Risk magazine, September, 1998, p. 31
------------------
Trading is like no other profession I can think of other than dragon slaying. Facing that hot breath and those toothy jaws fearlessly, armed only with belief in oneself, on a daily basis.
Mara Koppel
Women of the Pits
1998, p. xii
-------------------
Josh
If I had any learning
Of a highway wide and fit,
Would I lose it at each turning ?
Yet look at people spurning
Natural use of it !
See how fine the palaces
And see how poor the farms,
How bare the pesants' granaries
While gentry wear embroideries
Hiding sharpened arms,
And the more they have the more they seize,
How can there be such men as these
Who never hunger, never thirst,
Yet eat and drink until they burst !
There are other brigands, but these are the worst
Of all the highway's harms.
..........Lao Tzu.........604 BC
A few from Humphrey Lloyd
- Try very hard to get aboard those big days.
- Don't wait around for a lot of confirming action. The train leaves promptly.
- Jump the gun. Have a tight stop and stop looking for a sure thing.
- It is difficult to be too quick or too decisive.
Like ancient mariners, traders wait for some bit of news to billow their financial sails and send them breezily on to a pleasing destination.
Mara Koppel
Women of the Pits
1998, p. x
----------------------
The traders spend their day in that eerie, perfect state the rest of us achieve only sometimes when we're playing sports, having sex, gambling, or driving fast. Think of traders as doing all those things at once, minus perhaps the sex.
P. J. O'Rourke
Eat the Rich
1998, p. 21
----------------------
When I first came down here, I was Mr. Big Ego. I had a law degree and here were all these ex-cops and truck drivers and people with 200-word vocabularies trading in the pits. I figured I'd make a killing, right? With this competition, how could you lose? Then I got the shit kicked out of me. Then I got the shit kicked out of me again. You know what I've learned down here? Humility. Discipline. You come into this business with any sense of superiority, and you're dead.
Marty Dickman, corn trader
A Fool and His Money
John Rothchild, 1997, p. 184
------------------------------------
You hear a lot of rationalization such as 'This trade didn't work out, but if I keep doing it, it will work out.'
Marty O'Connell
Derivatives Strategy, September, 1999, p. 41.
----------------------------------
You still see situations in which traders commit risk violations and the manager overlooks them because the position made money. Those managers have a lot of nerve cashing their paychecks.
Marty O'Connell
Derivatives Strategy, September, 1999, p. 42.
---------------------------------
"It takes two things to make a good trader," Struve advises Norman. "You have to understand the mathematics, and you need street smarts. You don't want to be the guy with thick glasses who is reading the sheet just when the freight train is about to roll over you. The street-smart guy will pick up a couple of quarters and get out of the way."
The Predictors
Thomas A. Bass, 1999, pp. 126-127.
-----------------------------------
Even if we didn't believe it for a second, there's an undeniable adrenaline jab that comes from someone telling you that you're going to make five hundred million dollars.
Doyne Farmer
Quoted in The Predictors
Thomas A. Bass, 1999, p. 119
----------------------------------
There weren't many traders at the sharp end over thirty. Eyes flitting between flickering lines of information on four differenct screens, one ear on the phone, the other on the cries of colleagues, twelve hours of split-second calculation, judging yourself and being judged on the score at the end of every day. These men and women lived and breathed the market.
Linda Davies
Into the Fire
1999, p. 34
--------------------------------
"It is like watching your favorite soap opera," Ozdek says. "You know all the characters. You know the basic plot. But you never really know how the day is going to end."
Turk Ozdek
Quoted in Futures, July, 2001
p. 86
==================
Josh
on Derivatives
Blaming derivatives for financial losses is akin to blaming cars for drunk driving fatalities.
Christopher L. Culp
MediaNomics, April, 1995, p. 4
-----------------------
"‘Derivatives.' That's the 11-letter four-letter word.
Richard Syron, Chairman, American Stock Exchange
Fortune, March 20, 1995, p. 50
-----------------------
They're here, they're weird, and they're not going away. Yes, these beasties bite, but companies that tame them have a competitive edge.
Terente P. Paré
Fortune, July 25, 1994, p. 106
-----------------------
We use a number of tools to manage our investment portfolio for the highest return, while minimizing risk. Some of these tools happen to be called ‘derivatives.'
Anonymous respondent quoted in
1996 Capital Access Corporation Survey on Derivatives
-----------------------
Derivatives are like NFL quarterbacks. They get too much of the credit and too much of the blame.
Gerald Corrigan, Goldman Sachs
Speech before the State of Wisconsin Investment Board
May 5, 1994 (and repeated at other times)
-----------------------
Derivatives are nothing more than a set of tools. And just as a saw can build your house, it can cut off your arm if it isn't used properly.
Walter D. Hops, Treasurer, Ciba-Geigy
Business Week, October 31, 1994, p. 98
-----------------------
The beauty of derivatives is that they self-destruct every month and you get another commission.
Don Stone, NYSE specialist
Stealing the Market by Martin Mayer
1992, p. 84
=============
Josh
Definition of Equity: Mysterious kind of money that everybody is always claiming belongs to you even though you never actually see it.
Dave Barry
Homes and Other Black Holes, 1988
---------------------
Futures markets are designed to permit trading among strangers, as against other markets which permit only trading among friends.
Terence Martell, former Research Director, COMEX
The Wall Street Journal, March 2, 1995, p. A14
---------------------
I use derivatives - you got a problem with that?
Anonymous inscription seen on t-shirts, buttons in 1995
-------------------
You will be amazed at how much common sense you'll have to drop in order to understand this business.
Joe Ritchie
God in the Pits: Confessions of a Commodities Trader, 1990, p. 8
Mark Ritchie
-------------------
I started to look at the stock market but got really confused by 3,000 - 4,000 stocks - this was before personal computers - and I knew there was something called the futures market lurking out there, but I thought it might be illegal or immoral.
John Fritz, futures trader
Futures, November, 1995, p. 90
-------------------
Wall Street has always been a workplace with a high coincidence of occupational hazards and these days the perils range from OPEC to computer viruses to the Chicago Board of Trade.
East is East (fiction), 1991, p. 1
Emma Lathen
-------------------
We must avoid the temptation to demonize derivatives, which are a vital tool in modern financial markets. They are so useful in managing risk that if they didn't exist, we would surely have to invent them.
Arthur Levitt, SEC Chairman
Risk/Emerging Markets, April, 1996, p. 42
==========
Josh
Responsibility
I am responsible for what I feel. -- Jaques Salomé
Never be in a hurry to do something stupid. --Lee Richertz
"Remove head from ass before trading" - Myself.
Taped to one of my monitors.
C.
Surfing
Trade the market like you are surfing. Be agile and surrender to the forces. Ride the wave and know when to get out before it crests and crashes. If you miss one wave, know that there is always another one right behind it.
__________________
Trading is an Art. Expressive, Dynamic and Beautiful
Give me a stock clerk with a goal and I'll give you a man who will make history. Give me a man with no goals and I'll give you a stock clerk.
--J.C. Penney
--------------
Happiness is a stock that doubles in a year.
--Ira U. Cobleigh
--------------
When will the market bottom? Frankly, when investors stop asking the question.
--Richard Bernstein Merrill Lynch Chief U.S. Strategist
-------------
Remember, I am neither a bear nor a bull, I am an agnostic opportunist. I want to make money short- and long-term. I want to find good situations and exploit them.
We are all wrong so often that it amazes me that we can have any conviction at all over the direction of things to come. But we must.
James Cramer
------------
Think like a guerrilla warrior. We wish to fight on the side of the market that is winning, not wasting our time and capital on futile efforts to gain fame by buying the lows or selling the highs of some market movement. Our duty is to earn profits by fighting alongside the winning forces. If neither side is winning, then we don't need to fight at all.
Markets form their tops in violence; markets form their lows in quiet conditions.
Richard Rhodes
-----------
The deepest secret for the trader is to subordinate his will to the will of the market. The market is truth as it reflects all forces that bear upon it. As long as he recognizes this he is safe. When he ignores this, he is lost and doomed.
When the ship starts to sink, don't pray - jump
Lose your opinion - not your money.
Anon
========
Josh
Keep your legs crossed,
and your powder dry.
__________________
On Vacation Until Further Notice
more on derivatives, bonds
The key to understanding derivatives is a deeper understanding of all that's underlying.
Morgan Stanley Dean Witter
advertisement in Derivatives Strategy, October, 1997, p. 15
------------------------
It's not like I'm some junk bond. I'm a triple-A bond that produces high yields. You know what you're getting with this bond. It's safe and its returns ar astonomical.
Bruce Smith,
Defensive lineman, Buffalo Bills
-------------------------
The Wall Street Journal, December 31, 1997, p. B6
You're into derivatives whether you like it or not. Your adjustable rate mortgage is a derivative. You got a deal on a loan that was cheaper at any time than a fixed-rate mortgage. In return you're taking a risk. Your risk is that the amount of interest you'll pay in the future will be decided from a formula involving the prime rate, T-bills, and the chairman of Chase Manhattan's boxer shorts waistband size. In this case, the underlying commodity is banker fat.
P. J. O'Rourke
Eat the Rich
1998, p. 26
--------------------------
Anytime is a good time to invest in the stock market . . . Whether the stock market is breaking new records or laying an egg, today is still the best time to invest.
Jim Jorgensen
Money Talks
Rosalie Maggio, 1998, p. 74
---------------------------
Frank, let me make this real clear to you. I don't like ordering my food in foreign languages, and I wouldn't know a damned stock option if it jumped up and clamped me right on the balls . . . Where you're going, the only option will be top or bottom bunk.
David Baldacci
Total Control
1997, p. 681
----------------------------
Family is more than a concept. I have kids, not derivatives. My weekends are sacred. I came into this life with nothing. I don't intend to leave the same way.
Advertisement for Mass Mutual Financial Group
Wall Street Journal, May 26, 2000
---------------------------
The nice thing about working on Wall Street as opposed to in academic life is that when you lack inspiration you can do lots of useful things that require only time, not genius.
Emanuel Derman
The Journal of Derivatives, Winter 2000, p. 61
----------------------------
You can think of a derivative as a mixture of its consituent underliers much as a cake is a mixture of eggs, flour, and milk in carefully specified proportions. The derivative's model provides a recipe for the mixture, one whose ingredients' quantities vary with time.
Emanuel Derman
Risk, July, 2001, p. 48.
-----------------------------
. . . Wall Street relies on "stock analysts." These are people who do research on companies and then, no matter what they find, even if the company has burned to the ground, enthusiastically recommend that investors buy the stock. They are just a bunch of cockeyed optimists, those stock analysts. When the Titanic was in its death throes, with the propellers sticking straight up into the air, there was a stock analyst clinging to the railing asking people around him where he could buy a ticket for the return trip.
Dave Barry
February 3, 2002
-----------------------------
Enron stock was rated as 'Can't Miss' until it became clear that the company was in desperate trouble, at which point analysts lowered the rating to 'Sure Thing.' Only when Enron went completely under did a few bold analysts demote its stock to the lowest possible Wall Street analyst rating, 'Hot Buy.'
Dave Barry
February 3, 2002
================
Josh
By Will Rogers:
"
Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it.
"
Doug S
Another, but I don't know the author:
How do you make a small fortune in stock market. Start with a large fortune.
For the privileged few who own seats on a stock or derivatives exchange, the opportunities abound.
Anon
--------------------
If NASA's Mission Control were run by the boys from Animal House, it would look a lot like the Chicago Board Options Exchange.
Ray Dean Mize
"Never Ever Lose Big"
American Way, January 15, 1993
----------------------
The Wall Street Journal, March 16, 1983
The word ‘seat' is actually an irony, because when you finally sit down to sign the contract, it's probably the last time you're off your feet.
Laura Pedersen
Play Money, 1991, p. 176
----------------------
Futures exchanges are a little like airlines. Everybody wants one as a matter of national pride, even if nobody knows how to run it or wants to use it.
Anonymous London observer
Risk, September, 1995, p. 87
---------------------
An exchange floor is a crucible of ideas, markets, events. Eventually ideas sprout from that for improving a market or for whole new markets. Without ideas and the interchange of ideas, you're never going to get an innovative process to work.
Leo Melamed
Escape to the Futures, 1995
Futures, October, 1996, p. 16
---------------------
As night follows day, exchanges have to merge. Anyone who doesn't think so has their head in the sand.
Anonymous Australian equity and futures broker
AsiaRisk, April, 1999, p. 10.
---------------------
Looking down upon the London Metal Exchange's (LME) arcane trading "ring" is something akin to viewing a sacred copy of that old Led Zeppelin album with the embedded cardboard disc that you can spin to change the look of the cover.
Futures, August, 2001, p. 78.
--------------------
You pay $250,000 for a seat, but you can't sit down.
J. M. Mueller
----------------------
Josh
Life in the Pits
Being a member of an exchange entitles one to spend all of one's daily hours engaged in a form of financial combat.
The trading floor of an exchange is an environment wherein a higher concentration of people are subjected to more incomplete information bits flying around than anywhere else.
Frederick Koenig
Rumors in the Marketplace, 1985, p. 159
----------------
I've seen the future. It uses hand signals, at least for now.
President George Bush
at the Chicago Mercantile Exchange
December 10, 1991
----------------
There are no friends in the pit. And you can quote me. You do not take prisoners in here.
Anonymous gold trader
Esquire, January, 1981
-----------------
They knocked me down, knocked off my glasses and stepped all over me.
Mike Weinberg
Esquire, January, 1981, p. 35
----------------
When older traders look across that floor, they see the bodies of ghosts stacked six feet deep.
Ray Dean Mize
"Never Ever Lose Big"
American Way, January 15, 1993, p. 54
----------------
He got hit sideways in the pit, his head jerked and he's out with a fractured vertebra. His doctor said he can't come back to the trade floor.
Michael Wilner, NYMEX Board Member
The Wall Street Journal, March 19, 1993, p. A1
----------------
You get some guy standing next to you with gum in his mouth screaming, "Buy seven at 70," and he spits all over you. The first thing I do when I get off the floor is go the bathroom and wash my hands, my face, my neck. I don't want to go home and kiss my kids until I've washed up.
William Greenspan, stock index futures trader
The Wall Street Journal, March 19, 1993, p. A1
----------------
There was absolute physical mayhem. It looked like a kind of tribal ritual, almost a traditional circle dance.
Sabrina Peck
The Wall Street Journal, June 15, 1995, p. B1
=========
Josh
...small fish will turn into dolphins
so will the sharks so will the sharks because
it has to be so.
Rudolf Rimmel, baltic poet
__________________
I am the abyss
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