"If you are only as disciplined as your last 'trade', and if the outcome of your last 'trade' (past) influences your next 'trade' (present), you are still trading your last 'trade' and not trading in the moment."
"Let the market light the candles, just know when to blow them out."
"Anyone who contemplates trading should ask themselves one simple question.....'Why Do I Want To Trade?' There are many wrong answers to this question, and only one right one.....
'I Want To Find Out Who I Really Am'"
"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."
"There are only two types of traders, 'Long Lived' and 'Short Lived.' Both know the markets well. The 'Longed Lived' just choose know 'Themselves' better."
"Methods, as they relate to trading, are nothing more than a process of discovery. The trader discovers, methodizes, applies and repeats the process. It is only upon the traders application of these methods that they become significant. If a trader were to trade a method as simple as 'Buy Low Sell High', success or failure would not be a result of the method, but rather the traders application of the method."
"This game, like any other, is defined by its rules. The difference between this game and most others is that the rules of this game are player defined. But by allowing the players the option of changing their rules at any moment, for any reason, the game becomes undefined."
"The game is undefined because a unanimous consensus to the rules and how the game should be played is never reached. Since no one can agree on the rules for any fixed length of time, the patterns which reflect the rules will only be in effect as long as the players rules that support those patterns do not change. Change the rules, change the pattern The result: A game that remains in constant motion with no beginning or end."
"It is one thing to say you trade the markets. It is something completely different to say you trade 'WITH' the markets. If you have a bias, a belief, or behavioral response from the past, regardless of origin, of what the market will do, should do, or could do, you are not trading 'WITH' the markets, you are trading your past perspective of the markets. The day you decide to trade the markets perspective in the moment, and not yours, is the day you will be trading 'WITH' the markets."
"Oh, by the way. There is one more definition of 'Back Testing.' This one is provided to us courtesy of the markets. It is for all those traders who choose to ignore the traders definition of back testing. The markets actually re-structure 'Back Testing' to 'Backer Testing'. Backer testing occurs when you, the trader, have to go out and find new 'backers' to fund your account, the one you just blew up, as you chose to 'test' your trading account for the sake of 'Back Testing.' Literally, that is."
"To have an entry point is to have discovered an edge. To define the exit point is to own the edge."
Rogue Trader; Elitetrader 2002