Expert Trader Quotes

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Kiflis Fasz
ONCE, a youth went to see a wise man, and said to him: “I have come seeking advice, for I am tormented by feelings of worthlessness and no longer wish to live. Everyone tells me that I am a failure and a fool. I beg you, Master, help me!” The wise man glanced at the youth, and answered hurriedly: “Forgive me, but I am very busy right now and cannot help you. There is one urgent matter in particular which I need to attend to...”—and here he stopped, for a moment, thinking, then added: “But if you agree to help me, I will happily return the favor.” “Of...of course, Master!” muttered the youth, noting bitterly that yet again his concerns had been dismissed as unimportant. “Good,” said the wise man, and took off a small ring with a beautiful gem from his finger. “Take my horse and go to the market square! I urgently need to sell this ring in order to pay off a debt. Try to get a decent price for it, and do not settle for anything less than one gold coin! Go right now, and come back as quick as you can!” The youth took the ring and galloped off. When he arrived at the market square, he showed it to the various traders, who at first examined it with close interest. But no sooner had they heard that it would sell only in exchange for gold than they completely lost interest. Some of the traders laughed openly at the boy; others simply turned away. Only one aged merchant was decent enough to explain to him that a gold coin was too high a price to pay for such a ring, and that he was more likely to be offered only copper, or at best, possibly silver. When he heard these words, the youth became very upset, for he remembered the old man’s instruction not to accept anything less than gold. Having already gone through the whole market looking for a buyer among hundreds of people, he saddled the horse and set off. Feeling thoroughly depressed by his failure, he returned to see the wise man. “Master, I was unable to carry out your request,” he said. “At best I would have been able to get a couple of silver coins, but you told me not to agree to anything less than gold! But they told me that this ring is not worth that much.” “That’s a very important point, my boy!” the wise man responded. “Before trying to sell a ring, it would not be a bad idea to establish how valuable it really is! And who can do that better than a jeweler? Ride over to him and find out what his price is. Only do not sell it to him, regardless of what he offers you! Instead, come back to me straightaway.” The young man once more leapt up on to the horse and set off to see the jeweler. The latter examined the ring through a magnifying glass for a long time, then weighed it on a set of tiny scales. Finally, he turned to the youth and said: “Tell your master that right now I cannot give him more than 58 gold coins for it. But if he gives me some time, I will buy the ring for 70.” “70 gold coins?!” exclaimed the youth. He laughed, thanked the jeweler and rushed back at full speed to the wise man. When the latter heard the story from the now animated youth, he told him: “Remember, my boy, that you are like this ring. Precious, and unique! And only a real expert can appreciate your true value. So why are you wasting your time wandering through the market and heeding the opinion of any old fool?
William Mougayar (The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology)
And as a long-short fund, he'd also been obligated to take short positions — betting against companies — which was a tactic that, to most experts in finance, was uncontroversial. The thinking went, when companies were performing poorly, or were mismanaged, or were in an industry that was being overrun, or were simply likely to fail, taking a short position wasn't just logical — it protected the marketplace by pointing out overpriced stocks, prevented fraud by acting as a check against dubious management, and poked holes in potential bubbles. Short sellers also added liquidity and volume to a stock — because they were obligated to buy the stock back at some point in the future. Yes, short sellers profited when companies failed, but usually a short seller wasn't banking on a company failing — just that the stock's price would eventually correct toward its true valuation. Sometimes, though, a trader picked up a short position because the company in question really was going to fail. Because, perhaps, it was in an industry that was dying; had management that seemed completely unable or unwilling to pivot; and had deep fundamental issues in its financing that seemed impossible to overcome.
Ben Mezrich (The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees)
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Asa Yoneda
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Ethan Hill
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Types of Forex Strategy Traders Figuring out how to exchange isn't simple particularly with regards to the unfamiliar trade market. You will presumably need to learn it through a Forex exchanging framework. A few people believe that dealers are jack of all methodologies of exchanging yet that is not how things work. The way to fruitful exchanging is to turn into the expert of a couple of exchanging techniques. These couple of exchanging methodologies can take you far. Forex procedure dealer frameworks are broadly utilized by various individuals since they give you structure, a bunch of rules and an arrangement to follow as well. There are sure techniques that are at present utilized in the Forex market and they can even cause you to pick what Forex system broker would be best for you to make due in this market. Indicator Driving Trading Systems These exchanging bargains are planned by the individuals who look at that as a specific set up is working at the present time, yet utilizing this framework calls for wary managing. That is on the grounds that it simply works for the current second. This Forex exchanging framework can't give you uphold for quite a while. The framework utilizes pointers for producing an exchanging signal against the value activity. The pointers consistently slack and subsequently, they will in general give late just as false signals. They are not forward-thinking regardless. Something to be thankful for about this exchanging bargain is that it takes a gander at the graphs and numerous beginner merchants think that it’s valuable and enticing. They think of it as' not difficult to utilize and comprehend. Harmonic trading system The Harmonic trading system framework perceives value designs with the Fibonacci augmentations just as following data and afterward it figures the defining moments in the business sectors. It is an intricate type of exchanging which will call for significant practice. On the off chance that you ace it by training, at that point you will discover it among outstanding amongst other exchanging frameworks as it can offer more significant yields against the danger. You can utilize it for exchanging any sort of market. Technical Trading Systems These are perhaps the most ordinarily utilized exchanging bargains that are basic among Forex merchants. They incorporate climbing triangles, banner examples, shoulder examples, heads and various different examples to allow you to exchange the business sectors. These exchanging frameworks are truly useful and you utilize monetary information from earlier years to anticipate the market patterns and take an action. The Forex technique broker or the Forex exchanging frameworks empower you to ensure that you don't lose while you exchange from the solace of your own home. In any case, be certain that Forex exchanging frameworks are not lucrative aides. You actually need to utilize your own insight in exchanging and assemble loads of exchanging data request to put your cash in the perfect spot. Exchanging isn't some tea. On the off chance that you think by utilizing the exchanging gives you can guarantee making enormous amounts of cash, at that point you are incorrect. You should utilize your experience and viable information to guarantee that the Forex procedure broker you use demonstrates to control you in productive exchanging.
Mark Smith
When a young employee gasped at his blue language, Simons flashed a grin. “I know—that is an impressive rate!” A few times a week, Marilyn came by to visit, usually with their baby, Nicholas. Other times, Barbara checked in on her ex-husband. Other employees’ spouses and children also wandered around the office. Each afternoon, the team met for tea in the library, where Simons, Baum, and others discussed the latest news and debated the direction of the economy. Simons also hosted staffers on his yacht, The Lord Jim, docked in nearby Port Jefferson. Most days, Simons sat in his office, wearing jeans and a golf shirt, staring at his computer screen, developing new trades—reading the news and predicting where markets were going, like most everyone else. When he was especially engrossed in thought, Simons would hold a cigarette in one hand and chew on his cheek. Baum, in a smaller, nearby office, trading his own account, favored raggedy sweaters, wrinkled trousers, and worn Hush Puppies shoes. To compensate for his worsening eyesight, he hunched close to his computer, trying to ignore the smoke wafting through the office from Simons’s cigarettes. Their traditional trading approach was going so well that, when the boutique next door closed, Simons rented the space and punched through the adjoining wall. The new space was filled with offices for new hires, including an economist and others who provided expert intelligence and made their own trades, helping to boost returns. At the same time, Simons was developing a new passion: backing promising technology companies, including an electronic dictionary company called Franklin Electronic Publishers, which developed the first hand-held computer. In 1982, Simons changed Monemetrics’ name to Renaissance Technologies Corporation, reflecting his developing interest in these upstart companies. Simons came to see himself as a venture capitalist as much as a trader. He spent much of the week working in an office in New York City, where he interacted with his hedge fund’s investors while also dealing with his tech companies. Simons also took time to care for his children, one of whom needed extra attention. Paul, Simons’s second child with Barbara, had been born with a rare hereditary condition called ectodermal dysplasia. Paul’s skin, hair, and sweat glands didn’t develop properly, he was short for his age, and his teeth were few and misshapen. To cope with the resulting insecurities, Paul asked his parents to buy him stylish and popular clothing in the hopes of fitting in with his grade-school peers. Paul’s challenges weighed on Simons, who sometimes drove Paul to Trenton, New Jersey, where a pediatric dentist made cosmetic improvements to Paul’s teeth. Later, a New York dentist fitted Paul with a complete set of implants, improving his self-esteem. Baum was fine with Simons working from the New York office, dealing with his outside investments, and tending to family matters. Baum didn’t need much help. He was making so much money trading various currencies using intuition and instinct that pursuing a systematic, “quantitative” style of trading seemed a waste of
Gregory Zuckerman (The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution)
...White traders came to the Transkei, hot on the heels of the missionaries, to provide all the new needs that the missionaries demanded and to satisfy the new tastes that had been introduced... They were a hardy breed of men and women, these traders, isolated, lonely, and hard working. In order to survive in this sea of black people, they had to learn how to live with people. Very few of them slept with revolvers under their pillows or locked their doors. They knew they were safe among their neighbours. They had learnt who was who in the areas where they lived, ingratiated themselves with the most influential families, and kept friends with the majority of the people. They learnt the language of the people and made sure their children learnt it too. Some of them born in these parts knew Xhosa before they knew English. When Britain began replacing the civil service personnel in South Africa with locally born whites, most of their recruits came from this class of whites, who knew the Native and spoke his language. Recruits for missionary work too came from this class. Those of them who went on to universities became experts in the areas pertaining to Africans- Anthropology, African languages, Native Administration and Native Law. But though living among Africans, like all white SouthAfricans they never forgot that they were white.
Phyllis Ntantala (A Life's Mosaic: The Autobiography of Phyllis Ntantala (Perspectives on Southern Africa))
Collins had, in his own words, “been accustomed to slavery from his earliest days,” and, from “long experience,” considered himself something of an expert on the matter. In fact, his brother Charles, with whom he frequently did business, was later reputed to have been a slave trader. Robert would secure his own legacy as a slaver through authorship, penning an Essay on the Treatment and Management of Slaves—a kind of slave owner’s manual, which details his thinking on the subject.
Ilyon Woo (Master Slave Husband Wife: An Epic Journey from Slavery to Freedom)
The only difference between Art experts and Traders is Terminology.
Jean-Michel Rene Souche
The old order types were simple and straightforward and mainly sensible. The new order types that accompanied the explosion of high-frequency trading were nothing like them, either in detail or spirit. When, in the summer of 2012, the Puzzle Masters gathered with Brad and Don and Ronan and Rob and Schwall in a room to think about them, there were maybe one hundred fifty different order types. What purpose did each serve? How might each be used? The New York Stock Exchange had created an order type that ensured that the trader who used it would trade only if the order on the other side of his was smaller than his own order; the purpose seemed to be to prevent a high-frequency trader from buying a small number of shares from an investor who was about to crush the market with a huge sale. Direct Edge created an order type that, for even more complicated reasons, allowed the high-frequency trading firm to withdraw 50 percent of its order the instant someone tried to act on it. All of the exchanges offered something called a Post-Only order. A Post-Only order to buy 100 shares of Procter & Gamble at $80 a share says, “I want to buy a hundred shares of Procter & Gamble at eighty dollars a share, but only if I am on the passive side of the trade, where I can collect a rebate from the exchange.” As if that weren’t squirrely enough, the Post-Only order type now had many even more dubious permutations. The Hide Not Slide order, for instance. With a Hide Not Slide order, a high-frequency trader—for who else could or would use such a thing?—would say, for example, “I want to buy a hundred shares of P&G at a limit of eighty dollars and three cents a share, Post-Only, Hide Not Slide.” One of the joys of the Puzzle Masters was their ability to figure out what on earth that meant. The descriptions of single order types filed with the SEC often went on for twenty pages, and were in themselves puzzles—written in a language barely resembling English and seemingly designed to bewilder anyone who dared to read them. “I considered myself a somewhat expert on market structure,” said Brad. “But I needed a Puzzle Master with me to fully understand what the fuck any of it means.” A Hide Not Slide order—it was just one of maybe fifty such problems the Puzzle Masters solved—worked as follows: The trader said he was willing to buy the shares at a price ($80.03) above the current offering price ($80.02), but only if he was on the passive side of the trade, where he would be paid a rebate. He did this not because he wanted to buy the shares. He did this in case an actual buyer of stock—a real investor, channeling capital to productive enterprise—came along and bought all the shares offered at $80.02. The high-frequency trader’s Hide Not Slide order then established him as first in line to purchase P&G shares if a subsequent investor came into the market to sell those shares. This was the case even if the investor who had bought the shares at $80.02 expressed further demand for them at the higher price. A Hide Not Slide order was a way for a high-frequency trader to cut in line, ahead of the people who’d created the line in the first place, and take the kickbacks paid to whoever happened to be at the front of the line.
Michael Lewis (Flash Boys: A Wall Street Revolt)
Here are several rules that worked for me as I grew from a wild amateur into an erratic semiprofessional and finally into a calm professional trader. You may change this list to suit your personality. Decide that you are in the market for the long haul—that is, you want to be a trader even 20 years from now. Learn as much as you can. Read and listen to experts, but keep a degree of healthy skepticism about everything. Ask questions, and do not accept experts at their word. Do not get greedy and rush to trade—take your time to learn. The markets will be there, offering more good opportunities in the months and years ahead. Develop a method for analyzing the market—that is, “If A happens, then B is likely to happen.” Markets have many dimensions—use several analytic methods to confirm trades. Test everything on historical data and then in the markets, using real money. Markets keep changing—you need different tools for trading bull and bear markets and transitional periods as well as a method for telling the difference (see the sections on technical analysis). Develop a money management plan. Your first goal must be long-term survival; your second goal, a steady growth of capital; and your third goal, making high profits. Most traders put the third goal first and are unaware that goals 1 and 2 exist (see Section 9, “Risk Management”). Be aware that a trader is the weakest link in any trading system. Go to a meeting of Alcoholics Anonymous to learn how to avoid losses or develop your own method for cutting out impulsive trades. Winners think, feel, and act differently than losers. You must look within yourself, strip away your illusions, and change your old ways of being, thinking, and acting. Change is hard, but if you want to be a professional trader, you have to work on changing and developing your personality.
Anonymous
The Warburg family is the most important ally of the Rothschilds, and the history of this family is at least equally interesting. The book The Warburgs shows that the bloodline of this family dates back to the year 1001.[28] Whilst fleeing from the Muslims, they established themselves in Spain. There they were pursued by Fernando of Aragon and Isabella of Castile and moved to Lombardy. According to the annals of the city of Warburg, in 1559, Simon von Cassel was entitled to establish himself in this city in Westphalia, and he changed his surname to Warburg. The city register proves that he was a banker and a trader. The real banking tradition was beginning to take shape when three generations later Jacob Samuel Warburg immigrated to Altona in 1668. His grandson Markus Gumprich Warburg moved to Hamburg in 1774, where his two sons founded the well-known bank Warburg & Co. in 1798. With the passage of time, this bank did business throughout the entire world. By 1814, Warburg & Co had business relations with the Rothschilds in London. According to Joseph Wechsberg in his book The Merchant Bankers, the Warburgs regarded themselves equal to the Rothschild, Oppenheimer and Mendelsohn families.[29] These families regularly met in Paris, London and Berlin. It was an unwritten rule that these families let their descendants marry amongst themselves. The Warburgs married, just like the Rothschilds, within houses (bloodlines). That’s how this family got themselves involved with the prosperous banking family Gunzberg from St. Petersburg, with the Rosenbergs from Kiev, with the Oppenheims and Goldschmidts from Germany, with the Oppenheimers from South Africa and with the Schiffs from the United States.[30] The best-known Warburgs were Max Warburg (1867-1946), Paul Warburg (1868-1932) and Felix Warburg (1871-1937). Max Warburg served his apprenticeship with the Rothschilds in London, where he asserted himself as an expert in the field of international finances. Furthermore, he occupied himself intensively with politics and, since 1903, regularly met with the German minister of finance. Max Warburg advised, at the request of monarch Bernhard von Bülow, the German emperor on financial affairs. Additionally, he was head of the secret service. Five days after the armistice of November 11, 1918 he was delegated by the German government as a peace negotiator at a peace committee in Versailles. Max Warburg was also one of the directors of the Deutsche Reichsbank and had financial importances in the war between Japan and Russia and in the Moroccan crisis of 1911. Felix Warburg was familiarized with the diamond trade by his uncle, the well-known banker Oppenheim. He married Frieda Schiff and settled in New York. By marrying Schiff’s daughter he became partner at Kuhn, Loeb & Co. Paul Warburg became acquainted with the youngest daughter of banker Salomon Loeb, Nina. It didn’t take long before they married. Paul Warburg left Germany and also became a partner with Kuhn, Loeb & Co. in New York. During the First World War he was a member of the Federal Reserve Board, and in that position he had a controlling influence on the development of American financial policies. As a financial expert, he was often consulted by the government. The Warburgs invested millions of dollars in various projects which all served one purpose: one absolute world government. That’s how the war of Japan against Russia (1904-1905) was financed by the Warburgs bank Kuhn, Loeb & Co.[31] The purpose of this war was destroying the csardom. As said before, in testimony before the Senate Foreign Relations Committee, James P. Warburg said: “We shall have a world government, whether or not we like it. The question is only whether world government
Robin de Ruiter (Worldwide Evil and Misery - The Legacy of the 13 Satanic Bloodlines)
Skin in the game can make boring things less boring. When you have skin in the game, dull things like checking the safety of the aircraft because you may be forced to be a passenger in it cease to be boring. If you are an investor in a company, doing ultra-boring things like reading the footnotes of a financial statement (where the real information is to be found) becomes, well, almost not boring. But there is an even more vital dimension. Many addicts who normally have a dull intellect and the mental nimbleness of a cauliflower—or a foreign policy expert—are capable of the most ingenious tricks to procure their drugs. When they undergo rehab, they are often told that should they spend half the mental energy trying to make money as they did procuring drugs, they are guaranteed to become millionaires. But, to no avail. Without the addiction, their miraculous powers go away. It was like a magical potion that gave remarkable powers to those seeking it, but not those drinking it. A confession. When I don’t have skin in the game, I am usually dumb. My knowledge of technical matters, such as risk and probability, did not initially come from books. It did not come from lofty philosophizing and scientific hunger. It did not even come from curiosity. It came from the thrills and hormonal flush one gets while taking risks in the markets. I never thought mathematics was something interesting to me until, when I was at Wharton, a friend told me about the financial options I described earlier (and their generalization, complex derivatives). I immediately decided to make a career in them. It was a combination of financial trading and complicated probability. The field was new and uncharted. I knew in my guts there were mistakes in the theories that used the conventional bell curve and ignored the impact of the tails (extreme events). I knew in my guts that academics had not the slightest clue about the risks. So, to find errors in the estimation of these probabilistic securities, I had to study probability, which mysteriously and instantly became fun, even gripping. When there was risk on the line, suddenly a second brain in me manifested itself, and the probabilities of intricate sequences became suddenly effortless to analyze and map. When there is fire, you will run faster than in any competition. When you ski downhill some movements become effortless. Then I became dumb again when there was no real action. Furthermore, as traders the mathematics we used fit our problem like a glove, unlike academics with a theory looking for some application—in some cases we had to invent models out of thin air and could not afford the wrong equations. Applying math to practical problems was another business altogether; it meant a deep understanding of the problem before writing the equations.
Nassim Nicholas Taleb (Skin in the Game: Hidden Asymmetries in Daily Life (Incerto, #5))
Traders speculating on price moves must forecast not only current and future fundamentals but also how the trading world will react to those fundamentals. One must be able not only to study past supply-and-demand figures and how they affected price but also to know a little about crowd psychology. Predicting where prices will go is like trying to predict the direction of a hurricane. Even the experts can make only vague projections until the storm makes landfall.
James Cordier (The Complete Guide to Option Selling: How Selling Options Can Lead to Stellar Returns in Bull and Bear Markets)
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