Good Trading Quotable Quotes

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


Bruce Kovner, billionaire trader from Market Wizards 1, pg. 58

The Detached Trader

 

"The markets are clearly not a random walk. The markets are not even efficient because that assumption implies you can’t make an above-average return. Since some people can do that, I disagree with the assumption."

Monroe Trout

 

"You call that a position?" he (Soros after Stanley said he had a position of 1 yard/billion) said dismissingly. He encouraged me to double my position. I did, and the trade went dramatically in my favor. Soros has taught me that when you have tremendous conviction conviction on a trade, you have to go for the jugular. It takes courage to be a pig. It takes courage to ride a profit with huge leverage. As far as Soros is concerned, when you're right on something, you can't own enough."


Stanley Druckenmiller talking about George Soros. Market Wizards 2, pg. 208.


The Detached Trader

 

"The essential element is that the markets are ultimately based on human psychology, and by charting the markets you’re merely converting human psychology into graphic representations. I believe that the human mind is more powerful than any computer in analyzing the implications of these price graphs. "

Al Weiss

 

"A trading philosophy is something that cannot just be transferred from one person to another; it’s something that you have to acquire yourself through time and effort."

Richard Driehaus

 

"A smart man cannot follow another man blindly even though the other man is right, because you cannot have confidence and act on advice when you do not know what it is based on."

-W.D.Gann

 

"Opportunities change, strategies change, but people and psychology do not change. If trend-following systems don’t work well, something else will. There’s always money being lost, so someone out there has to win. "

Gil Blake

 

"It's a fine line between bravery and stupidity" anon

 

"Wanting to make money in the markets without accepting there will be losses is like waiting to breathe but only wishing to exhale."

Ed Seykota

 

"Surrender to the reality that volatility exists, or volatility will introduce you to the reality that surrender exists."