Words of wisdom that give you perspective in your trading.

Bugsy

Bugsy

Sometimes in the low points it's good to reflect on the words of others to help motivate or give you perspective. I like to add quotes, proverbs, etc like these at the front of my trading journal so I may reflect on them before I start my day. Sounds cheezy but it helps me keep my perspective in situations. I'll list some of my favorites and hope others will as well.

Every day I assume every position I have is wrong.

-Paul Tudor Jones
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When you have got an elephant by the hind legs and he is trying to run away, it's best to let him run.

-Abraham Lincoln
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A peak performance trader is totally committed to being the best and doing whatever it takes to be the best. He feels totally responsible for whatever happens and thus can learn from mistakes. These people typically have a working business plan for trading because they treat trading as a business.

-Van K. Tharp
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trend2009 said:
this kind of wisdom is useless. everyone can find bunch of them from google, yet few people are successful in trading.
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The only thing useless here is your comment. I didn't ask for other people. I asked for myself. If you don't find it useful great. Move onto the next thread rather than cluttering up one with comments that have no use in the given thread.
 
" The man who doubts his power gives power to his doubts "

"A bad beggining makes for a bad ending"

"Every step makes a footprint"

"You can't judge a book by its cover,"

"The man who takes break from work, works to make up for break"

"Give a man a fish you feed him for a day, teach a man to fish and you feed him for a lifetime"

"A dog has 4 legs"

"Every house is built on a foundation"

"The man who talks badly of others will have others talking badly of him"

There's a lot more but I can't think of them right now
 
1. "Trade what you KNOW".. not what you hope, think, expect, fear, etc.

2. The only thing you KNOW (or possibly can ever know) is what you see on the chart... that's "Price TA". Ever heard of it?

3. IOW... "Trade with your eyes"... nothing else.

Stops, of course. KISS, baby!
 
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I am impatient and impulsive at times, so I like Jesse Livermore's quote; "it was not my buying an selling that made me money, but my sitting, sitting on my hand." During the crash, Livermore sat on a 6-million dollar loss before he made his $100 million (worth a few billion today). Ain't that something?

Livermore was bipolar and autistic (he could remember and formulate a mental picture of days worth of a ticker tape) when manic he spent it on luxury and women, also he traded recklessly.
 
HomelyWizzard said:
I am impatient and impulsive at times, so I like Jesse Livermore's quote; "it was not my buying an selling that made me money, but my sitting, sitting on my hand." He sat on a 6-million dollar loss before he made his $100 million (worth a few billion today). Ain't that something?
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I like the story of Jesse Livermore. Really a pretty fascinating life story. Tragic ending for both him, his son, and his grandson.
 
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