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The Education of a Speculator – Victor Niederhoffer (Great Quotes )

  
Analysis, Education
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I always mark possible quotations when reading a book. This book is so full of them! Here are some random excerpts:

  • “Risk taking…is positively correlated with how well we feel about ourselves.” (page 113)
  • “One thing is for sure. Among the emotionally charged, you will not find one single long-term winner. Where are they? According to Bacon: “These quiet professionals are quite inconspicuous unless you look for them, because there are so many careless gamblers, crazy amateurs, jumping from one crackpot idea to another betting on hope and fear”. I show this passage to any trader in my office who is showing color or palpitation.” (206)
  • I find that Chinese handball has much to teach me about market practices. A limit order is a good tactic for Chinese trading, but a market order works best for handball trading. The direct market order against a quickly moving target frequently leads to a fast rebound against. The game is then over before it starts….I use limits orders. I don’t win fast, but the losses are a lot slower in coming.” (397)
  •  ”…chain smoking, temper tantrums, screaming…these expressions of emotion have within them the seeds of destruction. I enforce a ban against all jocularity and temper tantrums.” (207)
  • “Offering advice without expertise is aggressive ignorance.” (188)
  • “With the increasing specialization in modern times, born losers are commonplace.” (85)
  • “During the 10 years I traded for George Soros, I never heard him speak about a winning trade. To hear him talk, you’d think he had nothing but losers. Conversely, listening to the biggest losers, you’d think they had nothing but winners.” (95)
  • “Do not follow the mentally lazy habit of allowing a newspaper or a broker or a wise friend to do our security market thinking.” (114)
  • “The best opportunities come out of the clear blue.” (129)
  • “The exchange is a market ecosystem.” (353)
  • “Oracles, forecasts, and prophecies are a business. They should be evaluated with the same skepticism and savvy that would be applied to a used-car dealership.” (64)
  • “The only newspaper I read is the National Enquirer. I don’t own a television, don’t follow the news, don’t talk to anyone during the trading day, and don’t like to read books less than 100 years old.” (ix – preface)
  • “My resistance to conformity has been the bedrock of my speculative persona.” (110)
  • “…institutional learning, like the Harvard Colleges and Lincoln High Schools of Life – the kind that prepares most of us to become good soldiers, true believers, and conformists.” (110)
  • “An incapability of relying on oneself and faith in others are precisely the conditions that compel brutes to live in herds.” A quote from Niederhoffer’s intellectual hero, Francis Galton (136)

They are endless! If you are just to by one trading book, this is it. Enjoy!

Profiting from Market Trends- Tina Logan (Book Review )

  
  Education
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When the market accommodates, trend trading can be highly lucrative. The trick, of course, is to divine the market’s often fickle moods. Tina Logan sets out to help the trader identify and exploit the “good times” in Profiting from Market Trends: Simple Tools and Techniques for Mastering Trend Analysis(Wiley, 2014).
The book is divided into two parts. The first, trend development, has chapters on trend direction, trend duration, trend interruptions, early trend reversal warnings, and later trend reversal warnings. The second part, putting trend analysis to work, deals with the broad market, bull markets, bear markets, and monitoring the market trends; it also includes a case study of the current bull market. Throughout, the text is illustrated with TC2000 (Worden Brothers) charts.
Let’s look at the chapter on early trend reversal warnings to get a sense of the book as a whole. Logan summarizes the warnings in a table. In an uptrend they are: a bearish climax move such as a key reversal or an exhaustion gap, bearish divergence, failure to break a prior peak, change of slope—rising trendline, break of tight rising trendline, approaching a strong ceiling, and bearish candlestick reversal pattern. The warnings in a downtrend are the reverse. (more…)

10 Famous Quotes for Trading

  
  Education
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There are some meaningful and aspiring quotes that i have read from books or i heard from my coaches. Today i’m going to share with you guys. Hope that it will inspire you and you might use the quotes as a daily reminder or as a form of motivation.

“Trading is hardwork, laborious and boring, just like any other jobs. If you are excited about it, you are gambling” by Conrad

“There is no calamity greater than lavish desires. There is no guilt than discontentment. And there is no greater disaster than greed.” by Lao Tze

“Its not about being right or wrong, rather, its about how much money you make when you’re right and how much you don’t lose when you’re wrong” by George Soros

“Luck is what you have left over after you give 100 percent” by Langston Coleman

“In the business world, the rear view mirror is always clearer than the windshield.” by Warren Buffet

“Experience is a hard teacher because she gives the test first, the lesson afterwards.” by Vernon Sanders Law

“Human beings, by changing the inner attitudes of their minds, can change the outer aspects of their lives.” by William James

“The only that overcomes hard luck is hard work.” by Harry Golden

“A goal without a plan is just a wish.” Antonie de Saint-Exupery

“If i can do it, so can you” by Adam Khoo

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