Quotes from Pit Bull:
"Never gamble for large amounts. Earn my money
through hard work and not hope for the easy killing
for there is no such thing."
"Never gamble for very much money while on vacation.
If one must indulge, make it for small stakes
and if the self-discipline is lacking, don't bring very
much money. In fact, only take as much as you can
afford to lose, which is indeed very little."
"Playing for large stakes at the casinos or the horses is
absurd. Small wagers for the sport is the only answer."
"To be a winner, you have to be willing to toe the
line and pull the trigger."
"Preparation pays. It's essential to know more than
the other players in the game."
"Dare to dream. It's not where you are, it's where
you're going that counts."
"Don't beat yourself; if you've got a plan that's
working, stick to it."
"Good gamblers keep their bets in balance. You have
to have a life beyond brokers and bookies."
"Nothing can beat knowing what's going to happen
before it happens, except when it doesn't."
"Keep your priorities straight."
"Show me a great trader and I'll show you someone
who understands gambling."
"Divorce ego from the game."
"Manage your money"
"Every trader faces it. Only the winners know how to handle it.
The dreaded losing streak rears its head every so often and
attacks every great trader. It eats away at your judgment; it saps
your confidence. Sometimes, it can take you so low that you
think you'll never get out. You're sure that something has gone
wrong, that you've lost your touch, that you'll never be a winner
again. When you're in the middle of it, you think it's never going
to end, but mostly, your judgment and rhythm are off and what
you have to do is stop and regain your composure.
The best way to end a losing streak is to cut your losses and
divorce your ego from the game. I learned this lesson many
years ago at the crap tables in Vegas. The old cliche says "never
send good money after bad," and it's true. You have to manage
your resources and not lose too much of your stake. Many people
when they're losing increase their bets; they double up hoping
to win it all back on one roll of the dice. That strategy can
be devastating. The best way to stop a losing streak is to STOP!
STOP THE LOSSES, STOP THE BLEEDING. Take time off and
let your intellect take charge of your emotions; the market will
be there when you return."
"Going for the knockout had made me a loser for nine
years."
"First, according to Mark, to be a successful trader you have
to have a complete commitment to trading and do it full-time.
Trading must be addressed as a profession, because if you do
not treat it as such, those who do will separate you from your
money very quickly. Mark Cook watches the market all day
long, from the opening bell to the closing bell, and keeps a diary
that sometimes has more than forty entries a day. If he doesn't
do this, his profits suffer. "There is no shortcut in trading, the
market will quickly find out if you are lazy."
Second, he says, fit your trading habits to your personality. If
you are an emotional person, admit that you are emotional and
structure your trading habits to make your emotions a positive
influence, not a negative one. If you are greedy, or if you are
fearful, that will affect your decision making, and if you don't
recognize your dominant emotion, your decisions will be
wrong. Mark tends to be fearful, and whenever he is most fearful,
recognizing that emotion helps him decide to go long arid
buy. "Whenever my fears become overwhelming, my discipline
tells me to buy, and discipline must win out, or you are doomed
to failure."
"Being able to honor your
stops is what separates the top dogs from the mongrels on Wall
Street."
Third, says Mark, planning is the objective part of trading.
Start with the worst-case scenario and work from there.
You will never be more objective than before you execute a trade.
Once you are in a trade, emotions take over, so your plan must be in place beforehand.
Know when you are wrong and admit
it. "Get out, retreat, and live to fight another day; these are cowardly
approaches, but they will keep you from the trader's obituary."
I think that Mark's analysis is as good as anybody's."
"The markets are no place to be trying to impress
people. The only way to impress anybody is to stay on your
toes, be consistent, and trade within your means"
