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Quotes from "Trading for a Living" by Alexander Elder and my love for trading

“The market does not know you exist. You can do nothing to influence it. You can only control your behavior.”
“The ocean does not care about your welfare, but it has no wish to hurt you either. You may feel joy on a sunny day, when a gentle wind pushes your sailboat where you want it to go. You may feel panic on a stormy day when the ocean pushes your boat toward the rocks. Your feelings about the ocean exist only in your mind.” 


“A sailor cannot control the ocean, but he can control himself. He studies currents and weather patterns. He learns safe sailing techniques and gains experience. He knows when to sail and when to stay in the harbor.”
“When joy sweeps you off your feet, you will make irrational trades and lose. When fear grips you, you’ll miss profitable trades. A professional trader uses his head and stays calm. Only amateurs become excited or depressed because of their trades.”
I still need to control my emotions, thus I am still an amateur trader. No matter how much I try to pretend to myself to not get excited or fearful, its impossible. You just cant lie to yourself… This is the one other skill I need to work on psychology wise. 
On a side note I would like to share with you what attracts me about trading (more…)

The market is like an ocean

trading_for_a_livingThe market is like an ocean – it moves up and down regardless of what you want. You may feel joy when you buy a stock and it explodes in a rally. You may feel drenched with fear when you go short but the market rises and your equity melts with every uptick. These feelings have nothing to do with the market – they exist only inside you.

The market does not know you exist. You can do nothing to influence it. You can only control your behavior.

The ocean does not care about your welfare, but it has no wish to hurt you either. You may feel joy on a sunny day, when a gentle wind pushes your sailboat where you want it to go. You may feel panic on a stormy day when the ocean pushes your boat toward the rocks. Your feelings about the ocean exist only in your mind. They threaten your survival when you let your feelings rather than intellect control your behavior.

A sailor cannot control the ocean, but he can control himself. He studies currents and weather patterns. He learns safe sailing techniques and gains experience. He knows when to sail and when to stay in the harbor. A successful sailor uses his intelligence.