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Words of Wisdom for Traders

  
  Education
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Wall Street never changes, the pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes.” ~ Jesse Livermore

“Wealth and rank are what people desire, but unless they are obtained in the right way they may not be possessed.” ~ Confucius

“Man has the power to act as his own destroyer—and that is the way he has acted through most of his history.” ~ Ayn Rand

“It is no measure of health to be well adjusted to a profoundly sick society.” ~ Jiddu Krishnamurti

“Men in the game are blind to what men looking on see clearly.” ~ Chinese Proverb

“The most exquisite paradox… as soon as you give it all up, you can have it all. As long as you want power, you can’t have it. The minute you don’t want power, you’ll have more than you ever dreamed possible.” ~ Ram Dass

“If thou wilt make a man happy, add not unto his riches but take away from his desires.” ~ Epicurus

“Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble… to give way to hope, fear and greed.” ~ Benjamin Graham

“The investor’s chief problem – and even his worst enemy – is likely to be himself.” ~ Benjamin Graham

“The ignorant mind, with its infinite afflictions, passions, and evils, is rooted in the three poisons. Greed, anger, and delusion.” Bodhidharma

“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” ~ Ayn Rand

“Money often costs too much.” Ralph Waldo Emerson

Personally, I believe it to be futile to fight greed — something that is ingrained in human nature.  We can only acknowledge greed’s existence, choose our own behaviors as individuals, and react to its occurrence — it can not be prevented.  Greed will simply manifest into a different form.

Mahatma Gandhi among leaders most admired by CEOs globally

  
Analysis, Education
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Mahatma Gandhi figures among the top three most admired leaders of the world, said a global survey of CEOs conducted by accountancy firm PwC.

While Winston Churchill tops the list of 10 most admired leaders, Gandhi figures in the third position after Steve Jobs (co-founder of Apple), said the 16th Annual Global CEO Survey.

As part of its annual survey, PwC said it recently asked 1,400 CEOs from around the world “which leaders they most admired, and what they most admired about their actions”.

“Some clear types emerged: warriors, (Napoleon; Alexander the Great) reformers (Jack Welch), leaders though adversity (Winston Churchill; Abraham Lincoln), leaders who caught the imagination of the masses (Mahatma Gandhi; Nelson Mandela) and consensus builders like Bill Clinton” PwC said in a statement.

Winston Churchill was the most popular choice of all CEOs with Steve Jobs admired in the most number of countries (37). (more…)

Words of Wisdom For Traders

  
  Education
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“Wall Street never changes, the pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes.” ~ Jesse LivermoreTHINKINGFUTURE

“Wealth and rank are what people desire, but unless they are obtained in the right way they may not be possessed.” ~ Confucius 

“Man has the power to act as his own destroyer—and that is the way he has acted through most of his history.” ~ Ayn Rand 

“It is no measure of health to be well adjusted to a profoundly sick society.” ~ Jiddu Krishnamurti

“Men in the game are blind to what men looking on see clearly.” ~ Chinese Proverb

“The most exquisite paradox… as soon as you give it all up, you can have it all. As long as you want power, you can’t have it. The minute you don’t want power, you’ll have more than you ever dreamed possible.” ~ Ram Dass 

“If thou wilt make a man happy, add not unto his riches but take away from his desires.” ~ Epicurus (more…)

What Is The Value Of Trading?

  
  Education
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It’s a question that arises for many traders. So many occupations derive their nobility from contributing to the welfare of others in direct ways. Where is the nobility in trading?
In my reply, echoing Ayn Rand, I challenged the notion that nobility is solely or primarily a function of assisting others. 
In mastering risk and uncertainty; in learning to pursue opportunity in effortful ways; in making ourselves better as decision makers; in becoming more disciplined actors; we improve ourselves as human beings. That carries over to many areas of life, so that we can become better business partners, spouses, parents, and friends. 
Indeed, this might be the most important distinction between trading well and trading poorly: When we trade well, we make ourselves stronger, better; we tap into the best within us. When we trade poorly, we succumb to our lowest common denominators.
The value of trading is the value of any competitive performance activity: in its mastery, we become just a bit closer to our ideals–and that ripples throughout our lives.

Evidence Based Trading

  
  Education
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The late Ayn Rand emphasized that philosophy was the most practical of disciplines: it governs the ideas that lie behind all we do and think. The philosophical premises we assume affect how we approach trading.
A beautiful example of this is David Aronson’s new book, “Evidence-Based Technical Analysis”. It’s a well-written, thought-provoking text, with many practical examples of how to conduct data analysis in an objective way.
Starting with the premise that knowledge consists of statements that are found to be true, Aronson, writing in the positivist tradition of philosophy, excludes subjectivity as knowledge. He explains:
“The most important consequence of TA adopting the scientific method would be the elimination of subjective approaches. Because they are not testable, subjective methods are shielded from empirical challenge. This makes them worse than wrong. They are meaningless propositions devoid of information. Their elimination would make TA an entirely objective practice.” p. 148
This is bound to rub many traders the wrong way, but it’s an important challenge. What is knowledge? How do we know what we know in the markets? How can we demonstrate that knowledge is such, and not illusion? (more…)

Evidence Based Trading: Why Philosophy Matters

  
  Education
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A beautiful example of this is David Aronson’s new book, “Evidence-Based Technical Analysis”. It’s a well-written, thought-provoking text, with many practical examples of how to conduct data analysis in an objective way.

Starting with the premise that knowledge consists of statements that are found to be true, Aronson, writing in the positivist tradition of philosophy, excludes subjectivity as knowledge. He explains:

“The most important consequence of TA adopting the scientific method would be the elimination of subjective approaches. Because they are not testable, subjective methods are shielded from empirical challenge. This makes them worse than wrong. They are meaningless propositions devoid of information. Their elimination would make TA an entirely objective practice.” p. 148

This is bound to rub many traders the wrong way, but it’s an important challenge. What is knowledge? How do we know what we know in the markets? How can we demonstrate that knowledge is such, and not illusion?

Once we start with the premise that all knowledge consists of explicit propositions that can be tested for truth, we necessarily are led toward trading that is rule-based and rigorously backtested.

Is there another, *valid* form of knowledge and trading? Can we prove that?The late Ayn Rand emphasized that philosophy was the most practical of disciplines: it governs the ideas that lie behind all we do and think. The philosophical premises we assume affect how we approach trading.

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