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10 Trading -Wisdom Quotes

  
  Education
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  1. Ignore hearsay and don’t let your ego get the better of you.

“I learned that an opinion isn’t worth that much. It is more important to listen to the market.”
“Most traders who fail have large egos and can’t admit that they are wrong. Even those who are willing to admit that they are wrong early in their career can’t admit it later on! Also, some traders fail because they are too worried about losing. I’m not afraid to lose. When you start being afraid to lose, you’re finished.”

Brian Gelber

  1. Timing is paramount.

“I don’t lose much on trades, because I wait for the exact right moment.”

Mark Weinstein

  1. Accept full responsibility for your actions and don’t fall prey to self-sabotage.

“Many people actually want to lose on a subconscious level.”

“The realization that you are responsible for your results is the key to successful investing. Winners know they are responsible for their results; losers think they are not.”

Dr. Van K. Tharp (more…)

10 Things I Learned from Steve Jobs about Trading and Life

  
Analysis, Education
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Less is more, simple is good.

That’s been one of my mantras—focus and simplicity. Simple can be harder than complex; you have to work hard to get your thinking clean to make it simple.

Your first loss is your best loss

Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.

When studying the market and speculating about the future, the past is all we have.

You can’t connect the dots looking forward; you can only connect them looking backward. So you have to trust that the dots will somehow connect in your future. You have to trust in something — your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.

No one gets paid for originality – you get paid for making money. You should be happy to take other people’s good ideas and run with them, as long as you understand exactly why you are in the trade and take full responsibility of the results. If you don’t know why you are in a trade, you won’t know when to exit. (more…)

3 destructive habits every trader must avoid.

  
Analysis, Education
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Three destructive habits that will kill your trading day, week, month, or career.

Not having a plan. Get a plan, who cares if it is bad, start with something. You can build off of it and refine it. You have to be willing to spend the time to make the plan yours. You do not start anything without some level of planning. Trading is hard; your brain spends a lot of time in fast forward, affecting your memory. You can slow it down by having a plan and increase your brains ability to remember.  A plan makes it possible to improve. Most importantly, a plan gives you a chance at removing emotion.

Forgetting why you are trading.  The purpose of trading is to make money.  Every action should bend to that goal. That does not mean every trade makes money.  It means every trade gets to closer. If you are looking for comfort, get a teddy bear. If you are looking to be right, play trivial pursuit.  If you want excitement, drive fast.

Letting it go. It is really important to separate what happened from how you felt. The more distance between the two the less time it takes to learn from that situation.  Admitting you made a mistake or are wrong are necessary for letting it go.  Unlike life, you get no credit for admitting you are wrong, it is just a part of trading. Neither matter unless you take action.

Murphy's Laws

  
Analysis, Education
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  • If there is a possibility of several things going wrong, the one that will cause the most damage will be the one to go wrong.
  • If there is a worse time for something to go wrong, it will happen then.
  • If you perceive that there are four possible ways in which a procedure can go wrong, and circumvent these, then a fifth way, unprepared for, will promptly develop.
  • If everything seems to be going well, you have obviously overlooked something.
  • Nature always sides with the hidden flaw.
  • Whenever you set out to do something, something else must be done first.
  • Every solution breeds new problems.
  • Enough research will tend to support your theory.
  • When there is a very long road upon which there is a one-way bridge placed  at random, and there are only two cars on that road, it follows that: (1) the two cars are going in opposite directions, and (2) they will always meet at the bridge.

(more…)

Chief Investment Officer’s fundamental principles

  
  Education
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  • We are for long-termism. We do not give a &*%$ about quarterly returns.
    • We are for asset owners using their purchasing power to get the best deals possible.
    • We are for CIOs empowered as decision-makers by boards that trust and check them. We like intelligent, engaged board members. We don’t like politics in the mix.
    • We are for innovation, collaboration, and talent development.
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