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Words of Wisdom for Traders

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.

Trend Following: “Speculation as a fine art…”

Dickson Watts a trend following father:

Before entering on our inquiry, before considering the rules of our art, we will examine the subject in the abstract. Is speculation right? It may be questioned, tried by the highest standards, whether any trade where an exact equivalent is not given can be right. But as society is now organized speculation seems a necessity.

Is there any difference between speculation and gambling? The terms are often used interchangeably, but speculation presupposes intellectual effort; gambling, blind chance. Accurately to define the two is difficult; all definitions are difficult. Wit and humor, for instance, can be defined; but notwithstanding the most subtle distinction, wit and humor blend, run into each other. This is true of speculation and gambling. The former has some of the elements of chance; the latter some of the elements of reason. We define as best we can. Speculation is a venture based upon calculation. Gambling is a venture without calculation. The law makes this distinction; it sustains speculation and condemns gambling.

All business is more or less speculation. The term speculation, however, is commonly restricted to business of exceptional uncertainty. The uninitiated believe that chance is so large a part of speculation that it is subject to no rules, is governed by no laws.

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Stock Market Rules :There are only two !

2fingersThe stock market has only two rules, both of which are vague and confusing. It is up to you to make them clear and simple to understand.
 Here are the guidelines:
You must write these rules down so that you will not forget them.
You must always follow these rules.
These rules will never change.
You must keep them forever.
These rules are never to be broken.
You must never add to these rules.
 Here are the rules: (more…)

Inspiration

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“What the mind of man can Conceive and Believe, it can Achieve.” – Napoleon Hill

 “You become what you think about all day long” – Ralph Waldo Emerson

“You are today where your thoughts have brought you, you will be tomorrow where your thoughts take you.” – James Allen

“Do not think of knocking out another person’s brains because he differs in opinion from you. It would be as rational to knock yourself on the head because you differ from yourself 10 years ago.” – Horace Mann, educator – How many traders feel this way? 

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“You can have anything you want. There are no limits to your possibilities.” – unknown
“Whether you believe you can do a thing or not, you are right.” – Henry Ford (more…)

25 Quotes That Will Change Your Life

1. Govern thy life and thoughts as if the whole world were to see the one, and read the other. –Thomas Fuller

2. Most of the shadows of this life are caused by our standing in our own sunshine. –Ralph Waldo Emerson

3. Life is short, art long, opportunity fleeting, experience treacherous, judgment difficult. –Hypocrites

4. After the game, the king and the pawn go into the same box. –Italian Proverb

5. Life is like a library owned by the author.  In it are a few books which he wrote himself, but most of them were written for him. –Harry Emerson Fosdick

6. We make our fortunes, and we call them fate. –Earl of Beaconsfield

7. There are no classes in life for beginners: right away you are always asked to deal with what is most difficult. –Rainer Maria Rilke

8. The ability to convert ideas to things is the secret to outward success. –Henry Ward Beecher

9. The ability to concentrate and to use your time well is everything if you want to succeed in business–or almost anywhere else for that matter. –Lee Iacocca

10. A wise man will make more opportunities than he finds. –Francis Bacon (more…)

STOCK MARKET RULES: THERE ARE ONLY TWO!

The stock market has only two rules, both of which are vague and confusing. It is up to you to make them clear and simple to understand.
 Here are the guidelines:
You must write these rules down so that you will not forget them.
You must always follow these rules.
These rules will never change.
You must keep them forever.
These rules are never to be broken.
You must never add to these rules.
 Here are the rules:
 KNOW WHEN AND WHY TO BUY.
KNOW WHEN AND WHY TO SELL.
 Now, take these rules and develop your trading methodology around them.  (more…)

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