1. "Failure is not predictive. Even great traders often encounter failure – and even repeated failures – early in their careers."
2. "Novice #traders should start with small amounts of cash because they might as well pay less for their market education."
3. "Persistence is instrumental to success. Most ppl faced with the early failures of some of the Market Wizards would have given up."
4. "Were it not for their relentless persistence, many of the Market Wizards would never have discovered their ultimate potential."
5."The idea that #trading success is tied to finding some specific ideal approach is misguided.There is no single correct methodology"
6. "Generals always fight the last war; portfolio managers invest in the last bull market." [Rogers]
7. "There is no single true path in the markets; no single market secret to discover; no single correct way to trade."
8. "Those seeking one true answer to the mkts haven't even gotten as far as asking right question let alone getting the right answer."
9. "There are a million ways to make money in the markets. Unfortunately they are all very difficult to find."
10."Market success is a matter of finding the methodology that is right for you, not finding the one true methodology."
11. "Successful #traders find a methodology that fits their personality."
12. "By living the philosophy that my #winners are always in front of me, it was not so painful to take a loss." [Schwartz]
13. "If I try to teach you what I do, you will fail because you are not me." [O'Shea]
14. "If you don’t have an edge then the optimal money mgmt strategy is to bet it all at once–the epitome of bad money mgmt."
15. "Money mgmt cannot save you if you do not have an edge. It is helpful in preserving capital only if you do have an edge."
16. "So what exactly is your methodology? If you cannot answer that question, you are not ready to be risking money in the markets."
17. "Successful #traders are confident that their methodology provides an edge."
18. "To make money you need to have an edge and employ good money management."
19. "Good money management alone is not going to increase your edge at all."
20. "If you have an approach that makes money then money mgmt can make the difference between success and failure."
21."I always want to be better prepared than someone I am competing against. I prepare myself by doing my homework each night."
22. "I was amazed to find that so many of the great traders I interviewed were workaholics."
23. "Why are so many people attracted to trading? Because it seems like an easy way to make a lot of money. "
24. "Trading is probably the world's only profession in which a rank amateur has a 50-50 chance of being right in the beginning."
25. "The possibility of short-term trading success by pure luck beguiles people into thinking trading is a lot easier than it is."
26. "It is a quirk of trading that you could be successful for the short-term without knowing anything; that possibility fools people"
28. "If trading is going well, it will seem effortless. if trading is not going well, you can't force it right by working harder."
29. "If you are out of sync with the markets, trying harder is often likely to make matters even worse."
30. "You have to learn to let the arrow shoot itself"
"In trading, just as in archery, whenever there is effort, force, straining, struggling, were trying, it is wrong."
32. "Keep reducing risk during equity drawdowns so that you will have a gentle financial and emotional touchdown." [Seykota]
33. "After a devastating loss, I always play very small and try to get black ink, black ink… And it works." [Schwartz]
34. "I will keep on reducing my trading size as long as I'm losing." [McKay]
35. "In the end, losing begets losing. When you start losing, it touches off negative elements in your psychology" [Marcus] #LBMW
36. "When I have had a bad losing streak, I have been able to say to myself, "you just can’t trade anymore." [Marcus]
37. "When you are getting beat to death, get your head out of the mixer." [Dennis]
38. "If you are in a losing streak, the best solution is not trying harder, but rather the exact opposite: stop trading."
39. "Traders may be aware of a losing streak but slow to realize that a loss has far exceeded acceptable levels."
40. "If the trend in your equity is down, that is a sign to cut back and reevaluate." [Marcus]
41. "My biggest losses have always followed my largest profits." [Schwartz]
42. "Winning streaks lead to complacency and complacency leads to sloppy trading."
43. "If your portfolio is sailing to new highs almost daily and virtually all your trades are working, watch out!"
44. "Don't focus on making money; focus on protecting what you have."
45. "You can do well with a mediocre method and good money mgmt, but go broke with a superior entry method and poor money mgmt."
46. "The amount of attention most beginning traders devote the money management is inversely proportional to its importance."
47. "Know your uncle point." [Schwartz]
48. "The most important trading advice if restricted to only 10 words: know where you will get out before you get it."
49. Why is deciding where you will get out before you get in so important? Because before you get in is last time you have objectivity
50. "You have to be willing to allow enough risk for the trade to work."
51. "Placing stop too close can lead to multiple losses. Traders will want to get back in b/c they don't think they're wrong" [O'Shea]
52. "Place stop at level that disproves your trade premise, not your pain level. Mkt doesn't care about your pain threshold." [O'Shea]
53. "In-the-money options may sometimes provide a more attractive risk management tool than stops."
54. "The need to be 100% right prevents many #traders from considering partial liquidation.
55. "By trying to be 100% right, many #traders end up being 100% wrong."
56. "If undecided btwn liquidating losing trade + gritting teeth + riding out remember there is 3rd alternative: partial liquidation."
57. "When in doubt, get out and get a good night's sleep." [Marcus]
58. "While you are in a position you cannot think. When you get out, then you can think clearly again." [Marcus]
59. "It is the 80/20 rule of life. In trading, 80% of your profits come from 20% of your ideas." [Platt]
60. "By only risking 1%, I am indifferent to any individual trade." [Hite]
61. "Effective money management is not a matter of complexity, but rather a matter of discipline."
62. "When I get hurt in the market, I get the hell out. It does not matter at all where the market is #trading." [McKay]
63. "If you stick around when the market is severely against you, sooner or later they are going to carry you out." [McKay]
64. "As long as you are in a position, there is tremendous anxiety. Once you get out, you begin to forget about it." [McKay]
65. "It is truly amazing how the market will not let traders get away with even a momentary lapse of discipline."
66. You have to follow your own light. When you try to include someone else's style you end up with worst of both sides. [Marcus]
67. “If you listen to anyone else's opinion, no matter how skillful or smart a trader might be, I guarantee it is going to end badly.”
68. “Confidence is one of the most consistent traits exhibited by the successful traders I have interviewed.”
69. “One way to gauge whether you will be successful as a trader is whether you are confident that you will succeed.”
70. “One sure sign that you lack confidence in seeking the advice of others.”
71. “If you know you have won the game of trading before you start, then there is no problem taking a loss.” [Dr. Van Tharp]
72. “What is the ultimate rationalization of a trader in a losing position? I will get out when I am even.”
a. “Why is getting out even so important? Because it protects the ego.” [Schwartz]
73. I was able to become a winning trader when I was able to say, "to hell with my ego, making money is more important." [Schwartz]
74. “If you get out even, you can say, "I was not wrong. I didn’t make a mistake." That need not to be wrong is exactly why people lose”...
75. “Amateur traders lose money because they try to avoid losing. Professional traders understand they need to take losses to win.”
Zanger: Learning to read charts is a lesson in "acceptance". Accept what the charts are saying right now. Don't let bias cloud your judgement $$
76. “To win at trading, you need to understand that losing is part of the game.”
77. “Do not confuse concepts of winning and losing trades with good and bad trades. Good trade can lose money and bad trade can make...
78. “A losing trade that adheres to a prftbl strtgy is still a good trade b/c if similar trades repeated process will win on balance.”
79. “You can't win if you are not willing to lose.”
81. “There is plain fool who does wrong thing at all times but there is Wall St fool who thinks he must trade all the time”
82. “Having a quote machine is like having a slot machine on your desk – you end up feeding it all day long.” [Seykota]
83. “Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions”
84. “One of best rules anybody can learn about investing is to do nothing absolutely nothing unless there is something to do” [Rogers]
85. “I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up.” [Rogers]
“The fruits of your success will be in direct ratio to the honesty and sincerity of your own effort in keeping your own records, doing your own thinking, and reaching your own conclusions. In other words, take 100 percent responibility for your results.”
one of hardest things in markets and life is to look forward and not begrudge and bewail the mistakes of the past
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