Latest Posts

rss

One Liner Quotes from :Market Wizards (Just Read Daily )

  
Analysis, Education

“Scaling out of a position ensures at least partial profits if move continues while mitigating profitsurrender if mkt reverses”

“You don’t have to get into or out of a position all at once.”

“Traders who are successful over the long run adapt” [O’Shea]

“Traders who fail may have great rules that work, but then stop working.” [O’Shea]

“What we call intuition is the objective synthesis of information based on past experience, unhindered by emotional distortions”

“The trick is to differentiate between what you want to happen and what you know will happen.”

“Whenever you try to get all your losses back at once, you are most often doomed to fail.” [Schwartz]

“Impulsive trades can be dangerous. Trades cited as their most painful by the Market Wizards were usually impulsive ones”

“The market will seldom reward the carelessness of trades born of desperation.”

“The markets are an expensive place to look for excitement.”

 “I don’t trade for excitement; I trade to win.” [Hite] (more…)

Trading Mistakes

  
  Education
#  #  #  #  #  #  #  #  #  #

If you’re not making mistakes, then you’re not doing anything. I’m positive that a doer makes mistakes.
–John Wooden

We had our first losing day in quite awhile last Wednesday. And that’s not to say that we are loss free intraday everyday…quite the contrary in fact. We take intraday risk management losses almost daily. However, we do not often suffer overall losses for the day. Wednesday was an exception.

The loss was related to trying to force the market to give us our Daily Goal when it was not being offered. The loss was within our risk parameters, so it was not a big deal…except it was a big deal. We were annoyed. We were angry. We wanted revenge. Worse, we were up on the day only to gave it all back and then some. Worse still, the loss was due solely to a trading mistake we made as we approached the end of the day. A MENTAL mistake. Worst of all? We KNEW it was not prudent when we were doing it. (more…)

Go to top