Traders Thought for the Day


rod178

Well-Known Member
“Every winner needs to master three essential components of trading; a sound individual psychology, a logical trading system and good money management. These essentials are like three legs of a stool – remove one and the stool will fall, together with the person who sits on it. Losers try to build a stool with only one leg, or two at the most.”
– Alexander Elder
 

sqa

Village Scribe
rod178 said:
“Every winner needs to master three essential components of trading; a sound individual psychology, a logical trading system and good money management. These essentials are like three legs of a stool – remove one and the stool will fall, together with the person who sits on it. Losers try to build a stool with only one leg, or two at the most.”
– Alexander Elder
Great quote!
 

sqa

Village Scribe
rod178 said:
My stool has three legs, although I suspect that one leg is sometimes shorter than the other two.
As long as it has 3 legs within decently similar lengths, it'll work. ;D
 

JohnD

Active Member
garry said:
That resistance is way too close, I really shouldn’t have taken that signal.
I should definitely trade that breakout. My method doesn’t trade breakouts,but that’s a really good-looking trade.
I’m long, this is a downtrend. What the heck was I thinking?
This going to be a loser, for sure.
Price has ripped so far away from me – please don’t turn into a signal.
This is clearly in a congestion range. I’m going to ignore that signal and wait for a breakout.
Buying spikes – this short is doomed. See ya, money.
Yippeee! It’s not turning into a signal!
Ooh, nice profit – I should take that while it’s still there.
Take the profit. TAKE THE PROFIT. TAKE THE DAMN PROFIT!!!!!
This calls for something I thought up in the shower this morning: don't expect your results to be consistent if your actions are not consistent.
 

rod178

Well-Known Member
"If you have an approach that makes money, then money management can make the difference between success and failure... ... I try to be conservative in my risk management. I want to make sure I'll be around to play tomorrow. Risk control is essential."
- Monroe Trout
 

rod178

Well-Known Member
“Our complexity is much more likely to lead us astray than any simplicity we may follow.”
- Roger Kimball
 

rod178

Well-Known Member
“Good luck is what happens when preparation meets opportunity, bad luck is what happens when lack of preparation meets a challenge.”
– Paul Krugman
 

rod178

Well-Known Member
"Beware the chartist’s illusion. It is characteristic of human minds to perceive links of cause and effect where none exist"
- Max Gunther (The Zurich Axioms)
 

jonnycab

Well-Known Member
"Younger generation are hampered by the need to understand (and rationalize) why something should go up or down. By the time that it becomes self-evident, the move is over." - Paul Tudor Jones
 

rod178

Well-Known Member
“We keep our cool when others don’t. The point is, markets adapt. Don’t listen to all the crap out there.”
– David Tepper
 

rod178

Well-Known Member
"The first step toward success is taken when you refuse to be a captive of the environment in which you first find yourself."
- Mark Caine
 

rod178

Well-Known Member
"There isn't anything noble about being superior to another person. True nobility is in being superior to the person you once were."
- Ziad K. Abdelnour
 

rod178

Well-Known Member
" Human behaviour cannot be predicted. Distrust anyone who claims to know the future, however dimly".
- Zurich Axioms
 

rod178

Well-Known Member
“Man’s mind, once stretched by a new idea, never regains its original dimensions.”
– Oliver Wendell Holmes
 

Top