Famous Trader Quotes

Many famous traders say trading is 80% psychology

In particular, the virtues and ambitions called forth by war are unlikely to find expression in liberal democracies. There will be plenty of metaphorical wars—corporate lawyers specializing in hostile takeovers who will think of themselves as sharks or gunslingers, and bond traders who imagine, as in Tom Wolfe’s novel The Bonfire of the Vanities, that they are “masters of the universe.” (They will believe this, however, only in bull markets.) But as they sink into the soft leather of their BMWs, they will know somewhere in the back of their minds that there have been real gunslingers and masters in the world, who would feel contempt for the petty virtues required to become rich or famous in modern America. How long megalothymia will be satisfied with metaphorical wars and symbolic victories is an open question. One suspects that some people will not be satisfied until they prove themselves by that very act that constituted their humanness at the beginning of history: they will want to risk their lives in a violent battle, and thereby prove beyond any shadow of a doubt to themselves and to their fellows that they are free. They will deliberately seek discomfort and sacrifice, because the pain will be the only way they have of proving definitively that they can think well of themselves, that they remain human beings.

It was in a swampy village on the lagoon river behind the Turner Peninsula that Pollock's first encounter with the Porroh man occurred. The women of that country are famous for their good looks - they are Gallinas with a dash of European blood that dates from the days of Vasco da Gama and the English slave-traders, and the Porroh man, too, was possibly inspired by a faint Caucasian taint in his composition. (It's a curious thing to think that some of us may have distant cousins eating men on Sherboro Island or raiding with the Sofas.) At any rate, the Porroh man stabbed the woman to the heart as though he had been a mere low-class Italian, and very narrowly missed Pollock. But Pollock, using his revolver to parry the lightning stab which was aimed at his deltoid muscle, sent the iron dagger flying, and, firing, hit the man in the hand. He fired again and missed, knocking a sudden window out of the wall of the hut. The Porroh man stooped in the doorway, glancing under his arm at Pollock. Pollock caught a glimpse of his inverted face in the sunlight, and then the Englishman was alone, sick and trembling with the excitement of the affair, in the twilight of the place. It had all happened in less time than it takes to read about it. ("Pollock And The Porroh Man")

The tyro knows nothing, and everybody, including himself, knows it. But the next, or second, grade thinks he knows a great deal and makes others feel that way too. He is the experienced sucker, who has studied not the market itself but a few remarks about the market made by a still higher grade of suckers. The second-grade sucker knows how to keep from losing his money in some of the ways that get the raw beginner. It is this semisucker rather than the 100 per cent article who is the real all-the-year-round support of the commission houses. He lasts about three and a half years on an average, as compared with a single season of from three to thirty weeks, which is the usual Wall Street life of a first offender. It is naturally the semisucker who is always quoting the famous trading aphorisms and the various rules of the game. He knows all the don'ts that ever fell from the oracular lips of the old stagers excepting the principal one, which is: Don't be a sucker! This semisucker is the type that thinks he has cut his wisdom teeth because he loves to buy on declines. He waits for them. He measures his bargains by the number of points it has sold off from the top. In big bull markets the plain unadulterated sucker, utterly ignorant of rules and precedents, buys blindly because he hopes blindly. He makes most of the money until one of the healthy reactions takes it away from him at one fell swoop. But the Careful Mike sucker does what I did when I thought I was playing the game intelligently according to the intelligence of others. I knew I needed to change my bucket-shop methods and I thought I was solving my problem with any change, particularly one that assayed high gold values according to the experienced traders among the customers.

Which meant, if somehow GameStop did start to go up, the people who had shorted the company would begin to feel pressure to buy; the more the stock went up, the heavier that pressure became. As the shorts began to cover, buying shares to return them to their lenders, the stock would rise even higher. In financial parlance, this was something called a 'short squeeze.' It didn't happen often, but when it did, it could be spectacular. Most famously, in 2008, a surprise takeover attempt of the German automaker Volkswagen by rival Porsche drove Volkswagen's stock price up by a factor of 5 — briefly making it the most valuable company in the world — in two quick days of trading, as short selling funds struggled to cover their positions. Similarly, a battle between two hedge fund titans — Bill Ackman, of Pershing Square Capital Management, and Carl Icahn — led to a squeeze involving supplement maker — and alleged pyramid marketer — Herbalife, which cost Ackman a reported $1 billion. And perhaps the first widely reported short squeeze dated back a century, to 1923, when grocery magnate Clarence Saunders successfully decimated short sellers who had targeted his nascent chain of Piggly Wiggly grocery stores.

Every day, the markets were driven less directly by human beings and more directly by machines. The machines were overseen by people, of course, but few of them knew how the machines worked. He knew that RBC’s machines—not the computers themselves, but the instructions to run them—were third-rate, but he had assumed it was because the company’s new electronic trading unit was bumbling and inept. As he interviewed people from the major banks on Wall Street, he came to realize that they had more in common with RBC than he had supposed. “I’d always been a trader,” he said. “And as a trader you’re kind of inside a bubble. You’re just watching your screens all day. Now I stepped back and for the first time started to watch other traders.” He had a good friend who traded stocks at a big-time hedge fund in Stamford, Connecticut, called SAC Capital. SAC Capital was famous (and soon to be infamous) for being one step ahead of the U.S. stock market. If anyone was going to know something about the market that Brad didn’t know, he figured, it would be them. One spring morning he took the train up to Stamford and spent the day watching his friend trade. Right away he saw that, even though his friend was using technology given to him by Goldman Sachs and Morgan Stanley and the other big firms, he was experiencing exactly the same problem as RBC: The market on his screens was no longer the market. His friend would hit a button to buy or sell a stock and the market would move away from him. “When I see this guy trading and he was getting screwed—I now see that it isn’t just me. My frustration is the market’s frustration. And I was like, Whoa, this is serious.” Brad’s problem wasn’t just Brad’s problem. What people saw when they looked at the U.S. stock market—the numbers on the screens of the professional traders, the ticker tape running across the bottom of the CNBC screen—was an illusion. “That’s when I realized the markets are rigged. And I knew it had to do with the technology. That the answer lay beneath the surface of the technology. I had absolutely no idea where. But that’s when the lightbulb went off that the only way I’m going to find out what’s going on is if I go beneath the surface.

In a now famous experiment they found that the majority of people, whether predictors or nonpredictors, will judge a deadly flood (causing thousands of deaths) caused by a California earthquake to be more likely than a fatal flood (causing thousands of deaths) occurring somewhere in North America (which happens to include California). As a derivatives trader I noticed that people do not like to insure against something abstract; the risk that merits their attention is always something vivid.

Africa had free markets and a thriving entrepreneurial culture and tradition centuries before these became the animating ideas of the United States or Western Europe. Timbuktu, the legendary city in northern Mali, was a famous trading post and marketplace as far back as the twelfth century, as vital to the commerce of North and West Africa as ports on the Mediterranean were to Europe and the Levant. In Africa Unchained, George Ayittey offers myriad examples of industrial activity in precolonial Africa, from the indigo-dye cloth trade of fourteenth-century Kano, Nigeria, to the flourishing glass industry of precolonial Benin to the palm oil businesses of southern Nigeria to the Kente cotton trade of the Asante of Ghana in the 1800s: “Profit was never an alien concept to Africa. Throughout its history there have been numerous entrepreneurs. The aim of traders and numerous brokers or middlemen was profit and wealth.”2 The tragedy is what happened next. These skills and traditions were destroyed, damaged, eroded or forced underground, first during centuries of slave wars and colonialism and, later, through decades of corrupt postindependence rule, usually in service to foreign ideologies of socialism or communism. No postcolonial leader in Africa who fought for independence has ever adequately explained why liberation from colonial rule necessarily meant following the ideas and philosophies of Karl Marx, a gray-bearded nineteenth-century German academic who worked out of the British Library and never set foot in Africa. At the same time, neither should we have ever allowed ourselves to become beholden to paternalistic aid organizations that were sending their representatives to build our wells and plant our food for us. Nor, for that matter, should we have relied on the bureaucrats of the Western world telling us how to be proper capitalists or—as is happening now—to Party officials in Beijing telling us what they want in exchange for this or that project. It was this outside influence—starting with colonialism but later from our own terrible and corrupt policies and leaderships—that the stereotype of the lazy, helpless, unimaginative and dependent African developed. The point is that we Africans have to take charge of our own destiny, and to do this we can call on our own unique culture and traditions of innovation, free enterprise and free trade. We are a continent of entrepreneurs.

Jacquetta Hawkes famously wrote that 'Every age gets the Stonehenge it deserves', by which she meant that Stonehenge has been a Druid temple, a landing site for flying saucers, or an astronomical calendar, according to the interests of the times. The same could be said about our stories about Vikings, and they have been alternately, noble savages, raiders, marauders and rapists, peaceful traders, entrepreneurs, explorers, early democrats, or IKEA sales personnel, according to what we want them to be.

If you had to choose one of the following, what will you pick? A- Have a Million Dollars. B- Have a 1.5Million car but when you buy it you can only sell it for ½Million dollars. C- Have a 1Million Dollar mansion but it was on for a discount. D- Be the Most famous author. I’d choose D because if I were the most famous author in the world, I’d have WAY more money than any of these choices. JK Rowling and Stephen King both have hundreds of millions of dollars.

We emphasized “informative advertising,” a term borrowed from the famous entrepreneur Paul Hawken, who started publishing in the Whole Earth Review in the early 1980s. These informative texts were intended to stress how our products were differentiated from ordinary stuff. Please see the chapter on Private Label Products for examples of claims we made.

The most important question for us humans is, "What is human?" "What is life?" "What is life?" If you can't answer this question, you can't live your life seriously. So Tolstoy, Russia's main gate, for a long time of 15 years I wrote my last book at the end of my career. What is life?It's 입니다. In this book, Tolstoy defines life like this. "Life is holding onto a thin arrowroot vine in a desperate situation where it doesn't know when it's going to break off." What do you think life is? Someone said that life is about luck. What is "WOON 7G3"? It means that luck is 70% and opportunity is 30%. Life is luck. Do you really think life is luck? Then you're lucky to live well, Is it bad luck not to be able to buy it? Being healthy is good luck, Is it bad luck to be sick? That's not true. Life is not luck. Victor Wigor thinks about what life is and then expresses it in one word. It's a voyage. Life is a voyage in which a boat floating on the sea plumped and sailed through a port. Ships floating in the sea of the world have calmness, rough waves, and scary typhoons. Life is not easy. So Job says life like this. "Isn't there hard labor in life on this land?" (Job 7:1) There is a theory of life in today's text. Section 13 of the body. "Those who say they will profit by doing business" (approximately 4:13) What is business and profit? Business is selling things to make money. What are the benefits? It's money from the business. Jews thought it was important to make money. So Jewish tactics are world-famous. The Jews were the geniuses of the tactics. In the old days, money was all coins. Our country also made money into a not. This is called Yupjeon. Heavy coins were very uncomfortable for traders. So the Jews made bills instead of coins, they made checks, they made bills. And the Jews thought about how to sell things without discounting them I made a department store in America. The Jews also taught their children this way. "The whole world is a business. Even white clouds become rain when squeezed." These people are Jewish. Trade was the best way to make money in the days of the First Church. Especially in the early church era, it was the best environment to make money from trade. In this era, it was Pax Romana.

was a stirring sight for us, who had been months on the ocean without seeing anything but two solitary sails; and over two years without seeing more than the three or four traders on an almost desolate coast. There were the little coasters, bound to and from the various towns along the south shore, down in the bight of the bay, and to the eastward; here and there a square-rigged vessel standing out to seaward; and, far in the distance, beyond Cape Ann, was the smoke of a steamer, stretching along in a narrow, black cloud upon the water. Every sight was full of beauty and interest. We were coming back to our homes; and the signs of civilization, and prosperity, and happiness, from which we had been so long banished, were multiplying about us. The high land of Cape Ann and the rocks and shore of Cohasset were full in sight, the lighthouses, standing like sentries in white before the harbors, and even the smoke from the chimney on the plains of Hingham was seen rising slowly in the morning air. One of our boys was the son of a bucket-maker; and his face lighted up as he saw the tops of the well-known hills which surround his native place. About ten o’clock a little boat came bobbing over the water, and put a pilot on board, and sheered off in pursuit of other vessels bound in. Being now within the scope of the telegraph stations, our signals were run up at the fore, and in half an hour afterwards, the owner on ‘change, or in his counting-room, knew that his ship was below; and the landlords, runners, and sharks in Ann street learned that there was a rich prize for them down in the bay: a ship from round the Horn, with a crew to be paid off with two years

Conrad spent six months working for a cargo company in the EIC in 1890, three weeks of it aboard a steamship traveling up river to today’s Kisangani. There is no mention of rubber in the novel because Conrad was there five years before rubber cultivation began. Kurtz is an ivory trader. So whatever sources Conrad was using when he began work on Heart of Darkness in 1898, his personal experiences would at most have added some color and context. Hochschild will have none of it, insisting that Conrad “saw the beginnings of the frenzy of plunder and death” which he then “recorded” in Heart of Darkness. The brutalities by whites in the 1979 film Apocalypse Now were inspired by the novel, Hochschild avers, because Conrad “had seen it all, a century earlier, in the Congo.” In another example of creative chronology, Hochschild cites a quotation that he believes was the inspiration for Kurtz’s famous scrawl, “Exterminate all the brutes!” The quotation was made public for the first time during a Belgian legislative debate in 1906. Whatever its authenticity, it could not be a source for a book published in 1902.

No one knows for sure who first invented glass. The earliest and most famous origin story comes from Pliny the Elder, the Roman soldier-intellectual who died in the eruption of Vesuvius in ad 79. The tale goes that many centuries earlier, Phoenician sailors had landed on a beach in what is now Israel. The Phoenicians, the great traders of the ancient era, were importing blocks of natron, an early form of soap rich in sodium (natron is why sodium’s chemical symbol is Na). Before turning in for the night, the Phoenicians lit a fire on the beach, and in the absence of anywhere else to rest their pots, they perched them on some of the natron blocks. As they lit their fire and heated the blocks of natron, something extraordinary happened. Pliny writes: “Upon its being subjected to the action of the fire, in combination with the sand of the seashore, they beheld transparent streams flowing forth of a liquid hitherto unknown: this, it is said, was the origin of glass.”[5

The 'Amboyna Massacre' of 1623 is perhaps the most famous illustration of this point. The Dutch and English East India companies were then competing for the spice trade of the East Indies; neither was satisfied with the division of the spoils set out in a trade treaty between the United Provinces and England of 1619, and in retaliation for an English attack on the Dutch 'Factory' on Jakarta, the Dutch at Amboyna on the Molucca Islands turned on the English Factory there – the ten English factors (i.e. traders) who survived the initial attack, and their nine Japanese assistants, were subsequently tortured to death. 6

I have known tolerably well, a good many “successful” men—“ big” financially—men famous during the last half-century, and a less interesting crowd I do not care to encounter. Not one that I have ever known would I care to meet again, either in this world or the next; nor is one of them associated in my mind with the idea of humor, thought or refinement. A set of mere money-getters and traders, they were essentially unattractive and uninteresting.

Many famous traders say trading is 80% psychology and 20% technical knowledge.

Meals are occasions to share with family and friends. The ingredients are often simple, but the art lies in orchestrating the sun-warmed flavors. Courses follow in artful and traditional succession, but the showpiece of the meal is tender, juicy meat; this often means lamb or goat grilled or roasted on a spit for hours. Souvlaki--melting pieces of chicken or pork tenderloin on skewers, marinated in lemon, olive oil, and a blend of seasonings--are grilled to mouthwatering perfection. Meze, the Greek version of smorgasbord, is a feast of Mediterranean delicacies. The cooks of the Greek Isles excel at classic Greek fare, such as spanakopita--delicate phyllo dough brushed with butter and filled with layers of feta cheese, spinach, and herbs. Cheeses made from goat’s milk, including the famous feta, are nearly ubiquitous. The fruits of the sun--olive oil and lemon--are characteristic flavors, reworked in myriad wonderful combinations. The fresh, simple cuisine celebrates the waters, olive groves, and citrus trees, as well as the herbs that grow wild all over the islands--marjoram, thyme, and rosemary--scenting the warm air with their sensuous aromas. Not surprisingly, of course, seafood holds pride of place. Sardines, octopus, and squid, marinated in olive oil and lemon juice, are always popular. Tiny, toothsome fried fish are piled high on painted ceramic dishes and served up at the local tavernas and in homes everywhere. Sea urchins are considered special delicacies. Every island has its own specialties, from sardines to pistachios to sesame cakes. Lésvos is well-known for its sardines and ouzo. Zakinthos is famous for its nougat. The Cycladic island of Astypalaia was called the “paradise of the gods” by the ancient Greeks because of the quality of its honey. On weekends, Athenians flock to the nearby islands of Aegina, Angistri, and Evia by the ferryful to sample the daily catch in local restaurants scattered among coastal villages. The array of culinary treats is matched by a similar breadth of local wins. Tended by generation after generation of the same families, vineyards carpet the hillsides of many islands. Grapevines have been cultivated in the Greek Isles for some four thousand years. Wines from Rhodes and Crete were already renowned in antiquity, and traders shipped them throughout the Greek Isles and beyond. The light reds and gently sweet whites complement the diverse, multiflavored Greek seafood, grilled meats, and fresh, ripe fruits and vegetables. Sitting at a seaside tavern enjoying music and conversation over a midday meze and glass of retsina, all the cares in the world seem to evaporate in the sparkling sunshine reflected off the brightly hued boats and glistening blue waters.

Penny Lane (of Beatles fame) is named for James Penny, one of Liverpool’s most famous and prolific slave traders.

Jael said grimly, "You're overconfident, Mallow. You're ignoring the possibility of a popular rebellion." Mallow looked up, grim in his turn, "Once and for all, Jael, there is no possibility of a popular rebellion." I'm sure of the Seldon crisis and the historical validity of their solutions, externally and internally. There are some things I didn't tell Suit right now. He tried to control the Foundation itself by religious forces as he controlled the outer worlds, and he failed, which is the surest sign that in the Seldon scheme, religion is played out. "Economic control worked differently. And to paraphrase that famous Salvor Hardin quotation of yours, it's a poor nuclear blaster that won't point both ways. If Korell prospered with our trade, so did we. If Korellian factories fail without our trade; and if the prosperity of the outer worlds vanishes with commercial isolation; so will our factories fail and our prosperity vanish. "And there isn't a factory, not a trading center. not a shipping line that isn't under my control; that I couldn't squeeze to nothing if Sutt attempts revolutionary propaganda. Where his propaganda succeeds, or even looks as though it might succeed, I will make certain that prosperity dies. Where it fails, prosperity will continue, because my factories will remain fully staffed. "So by the same reasoning which makes me sure that the Korellians will revolt in favor of prosperity, I am sure we will not revolt against it. The game will be played out to its end." "So then," said Jael, "you're establishing a plutocracy. You're making us a land of traders and merchant princes. Then what of the future?" Mallow lifted his gloomy face, and exclaimed fiercely, "What business of mine is the future? No doubt Seldon has foreseen it and prepared against it. There will be other crises in the time to come when money power has become as dead a force as religion is now. Let my successors solve those new problems, as I have solved the one of today.

Only a stock that many traders were selling short could be cornered; a stock that was in the throes of a real bear raid was ideal. In the latter situation, the would-be cornerer would attempt to buy up the investment houses’ floating supply of the stock and enough of the privately held shares to freeze out the bears; if the attempt succeeded, when he called for the short sellers to make good the stock they had borrowed, they could buy it from no one but him. And they would have to buy it at any price he chose to ask, their only alternatives—at least theoretically—being to go into bankruptcy or to jail for failure to meet their obligations. In the old days of titanic financial death struggles, when Adam Smith’s ghost still smiled on Wall Street, corners were fairly common and were often extremely sanguinary, with hundreds of innocent bystanders, as well as the embattled principals, getting their financial heads lopped off. The most famous cornerer in history was that celebrated old pirate, Commodore Cornelius Vanderbilt, who engineered no less than three successful corners during the eighteen-sixties. Probably his classic job was in the stock of the Harlem Railway. By dint of secretly buying up all its available shares while simultaneously circulating a series of untruthful rumors of imminent bankruptcy to lure the short sellers in, he achieved an airtight trap. Finally, with the air of a man doing them a favor by saving them from jail, he offered the cornered shorts at $179 a share the stock he had bought up at a small fraction of that figure.

I discovered something else, and that is that suckers differ among themselves according to the degree of experience. The tyro knows nothing, and everybody, including himself, knows it. But the next, or second, grade thinks he knows a great deal and makes others feel that way too. He is the experienced sucker, who has studied not the market itself but a few remarks about the market made by a still higher grade of suckers. The second-grade sucker knows how to keep from losing his money in some of the ways that get the raw beginner. It is this semisucker rather than the 100 per cent article who is the real all-the-year-round support of the commission houses. He lasts about three and a half years on an average, as compared with a single season of from three to thirty weeks, which is the usual Wall Street life of a first offender. It is naturally the semisucker who is always quoting the famous trading aphorisms and the various rules of the game. He knows all the don'ts that ever fell from the oracular lips of the old stagers excepting the principal one, which is: Don't be a sucker! This semisucker is the type that thinks he has cut his wisdom teeth because he loves to buy on declines. He waits for them. He measures his bargains by the number of points it has sold off from the top. In big bull markets the plain unadulterated sucker, utterly ignorant of rules and precedents, buys blindly because he hopes blindly. He makes most of the money until one of the healthy reactions takes it away from him at one fell swoop. But the Careful Mike sucker does what I did when I thought I was playing the game intelligently according to the intelligence of others. I knew I needed to change my bucket-shop methods and I thought I was solving my problem with any change, particularly one that assayed high gold values according to the experienced traders among the customers.

As a phenomenon, this isn’t new. For centuries, Agadez has been an important crossroads for travellers and traders trying to make it through the Sahara. In the Middle Ages, salt and gold merchants picking their way between Timbuktu and the Mediterranean often had to pass through the town. By the fifteenth century, Agadez had its own sultan, its famously imposing mosque, and a knot of winding streets that still exists today.