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Lessons from the Wizards

  
  Education
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3994One of the first books I read in this business oh-so many years ago was Stock Market Wizards. It had a profound impact on my thinking about trading, psychology, risk, capital preservation, etc.

  1. All successful traders use methods that suit their personality; You are neither Waren Buffett nor George Soros nor Jesse Livermore; Don’t assume you can trade like them.  
  2. What the market does is beyond your control; Your reaction to the market, however, is not beyond your control. Indeed, its the ONLY thing you can control.

    To be a winner, you have to be willing to take a loss

  3.  HOPE is not a word in the winning Trader’s vocabulary;

  4.  When you are on a losing streak — and you will eventually find yourself on one — reduce your position size;

  5.  Don’t underestimate the time it takes to succeed as a trader — it takes 10 years to become very good at anything; 

  6.  Trading is a vocation — not a hobby (more…)

Courage Quotes

  
Education, Life
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Courage is resistance to fear, mastery of fear – not absence of fear.
– Mark Twain

Courage doesn’t always roar.
Sometimes courage is the quiet voice
at the end of the day saying,
“I will try again tomorrow.”
– Mary Anne Radmacher

Loving is the most unmitigated and courageous act I perform in a day.
– Mary Anne Radmacher

Life shrinks or expands in proportion to one’s courage.
– Anais Nin

Actions speak louder than words.
– Anonymous

Courage is doing what you’re afraid to do. There can be no courage unless you’re scared.
– Eddie Rickenbacker

Do or do not, there is no try.
– Yoda (Star Wars movie)

It is curious – curious that physical courage should be so common in the world, and moral courage so rare.
– Mark Twain

Winners never quit and quitters never win!
– Vince Lombardi

Courage is the power to let go of the familiar.
– Raymond Lindquist

The opposite of courage in our society is not cowardice, it is conformity.
– Rollo May

You must do the things you think you cannot do.
– Eleanor Roosevelt

With courage you will dare to take risks, have the strength to be compassionate, and the wisdom to be humble. Courage is the foundation of integrity.
– Keshavan Nair

Courage is not always about action, and it doesn’t always involve danger, but courage is always doing what is right.
– Jonathan Lockwood Huie

Affirmation: I Act with Bold Courage – Taking inspiration from the powerful vision of my future, I boldly set sail with courage and intent. I hold my course with focused attention and relentless commitment, as I weather the storms of life.
– Jonathan Lockwood Huie

Quotes for Traders

  
  Education
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Planning, Discipline & Patience.
  • ‘Predicting rain does n’t count; building arks does’: Warren Buffett’s Noah Rule.
  • “To know and not to do, is not yet to know” – Courtesy of Tom Witters.
  • ‘It’s easy to have faith in yourself and have discipline when you’re a winner, when you’re number one. What you got to have is faith and discipline when you’re not a winner.’ – Vince Lombardi
  • ‘After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!’ – Jesse Livermore

Fear

  • ‘Never let fear of striking out, get in your way’: Babe Ruth.

Perspectives

  • ‘It’s tough to make predictions, especially about the future,’ – Lawrence Peter ‘Yoggi’ Berra.
  • “go as far as you can see, and when you get there , you will see further.” –
  • anonymous
  • ‘Don’t worry what others think… They don’t do it very often’ – Courtesy of Mark Carstens.
  • “A little learning is a dangerous thing, but we must take that risk because a little is as much as our biggest heads can hold.” – George Bernard Shaw.
  • “Those who cannot remember the past are condemned to repeat it” – George Santayana.
  • “Glory is fleeting but obscurity is eternal” – Napoleon
  • ‘A long term investment is when I break even.’ – Courtesy of David Wong.
  • “There are many truths, but only one reality” – Courtesy of Robin Farrell.
  • ‘It’s not whether you get knocked down, it’s whether you get up.’ – Vince Lombardi.
  • ‘We would accomplish many more things if we did not think of them as impossible.’ – Vince Lombardi
  • “Vision – It reaches beyond the thing that is, into the conception of what can be. Imagination gives you the picture. Vision gives you the impulse to make the picture your own.” – Robert Collier.
  • “If you’re 30 minutes into the game and you don’t know who the patsy is, you’re the patsy.” – Courtesy of Saranjot Dosanjh.
  • ‘Price is observable and objective while value is perceived and subjective’. – John Murphy.
  • ‘In theory, there is no difference between theory and practice. In practice there is.’ – Yogi Berra.
  • “As a rule, Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works…. The Failure of great banks… and mercantile firms…are the symptoms incident to the disease, not the disease itself.” – John Stuart Mill (1867).
  • ‘You need three bear markets to know what to do. The first nearly wipes you out, the second you learn how to survive and the third you take by the scruff of the neck and enjoy it.’ – Crispin Odey of Odey Asset Management.
  • “Never in recorded history, has the supply of capital not overwhelmed the supply of opportunity.” – Joseph Lassiter .
  • ‘You only live once but if you work it right, once is enough’. – Joe E. Lewis.
  • “If you really know whats going on, you don’t even have to know whats going on to know whats going on… You can ignore the headlines because you anticipated them months ago” – Michael Steinhardt.
  • ‘Another lesson I learned early is that there is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again.’ – Jesse Livermore.
  • “Economic history is a never-ending series of episodes based on falsehoods and lies, not truths. It represents the path to big money. The object is to recognize the trend whose premise is false, ride that trend, and step off before it is discredited.” – Soros.

On Losses (and Profits). 

  • ‘Tradings only real secret is… The best loser is the long-term winner’ – Phantom
  • “Trading is a losing game, the best loser is the long-term winner” – Anonymous.
  • ‘Losses can either be lost money, or tuition in the school of trading’ – Courtesy of Mark Moskowitz.
  • ‘The worst advice I use to get was. – ‘No one went broke taking a profit’’. – Courtesy of John Berra.
  • “It seems that the necessary thing to do is not to fear mistakes, to plunge in, to do the best that one can, hoping to learn enough from blunders to correct them eventually.” – Abraham Maslow
  • ‘“Learn to like your losses”. Why? Because they are small!’ – Courtesy of Stuart A.Brown.
  • “One common adage…that is completely wrongheaded is: You can’t go broke taking profits. That’s precisely how many traders do go broke. While amateurs go broke by taking large losses, professionals go broke by taking small profits.” – William Eckhardt.
  • “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.” – George Soros.
  • “The first loss is the best loss.” – Jim Rogers.
  • “Losers average Losers”…Paul Tudor Jones.
  • “You learn nothing from your winners and everything from your losers.” – Courtesy of Jeff Horn.
  • ·“To become a Master Trader, you must first be a successful loser.” – Jeff Horn.

Ego

  • “Don’t be a hero. Don’t have an ego. Always question yourself and your ability. Don’t ever feel that you are very good. The second you do, you are dead.” – Paul Tudor Jones

Personal Responsibility and Self-awarenss (more…)

Lessons From The Wizards

  
  Education
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One of the first books I read in this business oh-so many years ago was Stock Market Wizards. It had a profound impact on my thinking about trading, psychology, risk, capital preservation, etc.

Sometime ago, I came across a good discussion of the lessons from the book at Simply Options Trading. What follows is my edited adaptation of those rules he derived from Stock Market Wizards:

    1. All successful traders use methods that suit their personality; You are neither Waren Buffett nor George Soros nor Jesse Livermore; Don’t assume you can trade like them.

     What the market does is beyond your control; Your reaction to the market, however, is not beyond your control. Indeed, its the ONLY thing you can control.

     To be a winner, you have to be willing to take a loss; (The Stop-Loss Breakdown)

     HOPE is not a word in the winning Trader’s vocabulary;

     When you are on a losing streak — and you will eventually find yourself on one — reduce your position size;

     Don’t underestimate the time it takes to succeed as a trader — it takes 10 years to become very good at anything; (There Are No Shortcuts)

     Trading is a vocation — not a hobby (more…)

    Trading Quotes and Advice

      
      Education
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    • ‘Successful trading comes down to this: overcoming your personal psychological barriers and conditioning yourself to produce feelings of self-trust , high self-esteem, unshakable conviction, and confidence which will naturally lead to good judgement and winning trades based on a proven methodology’ – Courtesy of James Buzzard.
    • “If everything feels under control, you are not going fast enough” -Mario Andretti, 1978 Formula One World Champion.
    • “If you sit by the river long enough, a dead body will sooner or later float down there” – Japanese Proverb.
    • ‘Buy High, sell Higher AND Sell low, buy back lower’, – Anonymous.
    • ‘The most important rule of trading is to play good defence, not great offence.’ –
    • Paul Tudor Jones.
    • “When the facts change, I change my mind. What do you do, sir?” – John Maynard Keynes.
    • “Holding cash is uncomfortable, but not as uncomfortable as doing something stupid.” – Warren Buffet
    • “Trade the market, not the money…if you exercise your strategy with discipline, the money will follow.” – Courtesy of Umar Ali.
    • “If you ACCEPT the risk of the trade and SHARE SIZE appropriately then you should be able to trade in a relaxed and optimum state of mind.” – Courtesy of Tom Willard.
    • “The trend is your friend” – – Courtesy of Umar Ali.
    • ttitude; Success, Failure, working hard.
    • “Mentally write off the work you do, as soon as you have done it” – Courtesy of Robin Farrell.
    • “There are old traders and there are bold traders, but there are very few old, bold traders.” – Ed Seykota
    • “Falling knives have to land somewhere…..” – Courtesy of Aidan Philipson.
    • ‘The dictionary is the only place where success comes before work!’- Vince Lombardi.
    • “Luck is what you have left over after you give 100 percent” – Langston Coleman.
    • ‘Traders (Leaders) are made, they are not born. They are made by hard effort, which is the price which all of us must pay to achieve any goal that is worthwhile.
    • It’s easy to have faith in yourself and have discipline when you’re a winner, when you’re number one. What you got to have is faith and discipline when you’re not a winner.’ – Vince Lombardi.
    • “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game-winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.” – Michael Jordan
    • ‘What sets successful traders apart?……Most people think that winning in the markets has something to do with finding the secret formula. The truth is that any common denominator among the traders I interviewed had more to do with attitude than approach’. – Jack Schwager.
    • “There is little difference in people, but that little difference makes a big difference. That little difference is attitude. The big difference is whether it is positive or negative.” – Robert Collier.‘Ours is not to reason why, ours is but to sell and buy.’ – Courtesy of Mark Moskowitz.
    • “Success is the sum of small efforts – repeated day in and day out.” – Robert Collier.
    • “A professional writer is an amateur who didn’t quit.” – Richard Bach
    • “Golf is a game played on a 5 inch Course- the distance between your ears.” – Bobby Jones.
    • “…It’s all to do with the training: you can do a lot if you’re properly trained…” – Queen Elizabeth II.
    • “The person who goes farthest is generally the one who is willing to do and dare. The sure-thing boat never gets far from shore.” – Dale Carnegie.
    • “You are – face it – a bunch of emotions, prejudices, and twitches, and this is all very well as long as you know it. Successful speculators do not necessarily have a complete portrait of themselves, warts and all, in their own minds, but they do have the ability to stop abruptly when their own intuiition and what is happening Out There are suddenly out of kilter. – Adam Smith, The Money Game.
    • ‘“Everyday my trading skills are getting better and better”. I repeat it like a daily mantra’ – Purportedly attributed to Emile Coue.

    The beginning of real success as a trader starts with knowing yourself.

      
      Education
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    “Know yourself. – You can’t improve on something you don’t understand”.
    Vince Lombardi Leadership Rule#1
     
    One common trait amongst nearly all successful traders is that they have a very high understanding of who they are and how they operate. As an example, leading traders realise that they are not in control of the market; they tend to view the market almost as a force of nature without a personality, and with no agendas, the only thing they can do is control their own actions, activities and emotions. In other words they understand the way they work, what drives them and their performance, how their mind operates, and their emotions. Not necessarily on a conscious level, but nonetheless they have an understanding of how it all works.  
     
    As an analogy considers a competitive yachtsman, he has to take account of the conditions of the sea and the winds; however, it is his own actions and decisions that will deem how successful he is. He can not blame the sea or the wind for failure, he has to put all his efforts in to his sailing, making correct decisions and performing the correct actions. (more…)

    Lessons from the Wizards

      
      Education
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    All successful traders use methods that suit their personality; You are neither Waren Buffett nor George Soros nor Jesse Livermore; Don’t assume you can trade like them.

    What the market does is beyond your control; Your reaction to the market, however, is not beyond your control. Indeed, its the ONLY thing you can control.

    To be a winner, you have to be willing to take a loss; (The Stop-Loss Breakdown)

    HOPE is not a word in the winning Trader’s vocabulary;

    When you are on a losing streak — and you will eventually find yourself on one — reduce your position size;

    Don’t underestimate the time it takes to succeed as a trader — it takes 10 years to become very good at anything; (There Are No Shortcuts)

    Trading is a vocation — not a hobby

    Have a business/trading plan

    Identify your greatest weakness, Be honest — and DEAL with it

    There are times when the best thing to do is nothing; Learn to recognize these times
    (Nothing Doing)

    Being a great trader is a process. It’s a race with no finish line.

    Other people’s opinions are meaningless to you; Make your own trading decisions
    (The Wrong Crowd)

    Analyze your past trades. Study what happened to the stocks after you closed the position. Consider your P&L game tapes and go over them the way Vince Lombardi Bill Parcells reviewed past Superbowls

    Excessive leverage can knock you out of the game permanently

    The Best traders continue to learn — and adapt to changing conditions

    Don’t just stand there and let the truck roll over you

    Being wrong is acceptable — staying wrong is unforgivable

    Contain your losses (Protect Your Backside)

    Good traders manage the downside; They don’t worry about the upside

    Wall street research reports are biased

    Knowing when to get out of a position is as important as when to get in

    To excel, you have to put in hard work

    Discipline, Discipline, Discipline !

    25 Quotes That Will Change Your Life

      
    Education, Life
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    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…)

    Planning, Discipline & Patience.

      
      Education
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    • Predicting rain does n’t count; building arks does’: Warren Buffett’s Noah Rule.
    • “To know and not to do, is not yet to know” – Courtesy of Tom Witters.
    • ‘It’s easy to have faith in yourself and have discipline when you’re a winner, when you’re number one. What you got to have is faith and discipline when you’re not a winner.’ – Vince Lombardi
    • ‘After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!’ – Jesse Livermore

    TRADING QUOTES

      
      Education
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    Planning, Discipline & Patience.
    • ‘Predicting rain does n’t count; building arks does’: Warren Buffett’s Noah Rule.
    • “To know and not to do, is not yet to know” – Courtesy of Tom Witters.
    • ‘It’s easy to have faith in yourself and have discipline when you’re a winner, when you’re number one. What you got to have is faith and discipline when you’re not a winner.’ – Vince Lombardi
    • ‘After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!’ – Jesse Livermore

    Fear

    • ‘Never let fear of striking out, get in your way’: Babe Ruth.

    Perspectives

    • ‘It’s tough to make predictions, especially about the future,’ – Lawrence Peter ‘Yoggi’ Berra.
    • “go as far as you can see, and when you get there , you will see further.” –
    • anonymous
    • ‘Don’t worry what others think… They don’t do it very often’ – Courtesy of Mark Carstens.
    • “A little learning is a dangerous thing, but we must take that risk because a little is as much as our biggest heads can hold.” – George Bernard Shaw.
    • “Those who cannot remember the past are condemned to repeat it” – George Santayana.
    • “Glory is fleeting but obscurity is eternal” – Napoleon
    • ‘A long term investment is when I break even.’ – Courtesy of David Wong. (more…)
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