Successful Trader Quotes

Good habits are the basic tools that will determine whether you are a tortoise or hare in life!

Your mission as a trader is to filter only the very best trade setups, which is what successful traders often do.

Don't ever make the mistake of believing that market success has to come to you fast. Trade small, stay in the game, persist, and eventually, you'll reach a satisfying level of proficiency.

at any point in time, the richest traders are often the worst traders. This, I will call the cross-sectional problem: At a given time in the market, the most successful traders are likely to be those that are best fit to the latest cycle. This does not happen too often with dentists or pianists—because these professions are more immune to randomness.

A successful trader must learn to be a good loser before he can start winning.

From now on, you need to treat trading on key support/resistance your second nature. It is the secret of all successful traders in the world.

Most traders have absolutely no concept of what it means to be a risk-taker in the way a successful trader thinks about risk. The best traders not only take the risk, they have also learned to accept and embrace that risk. There is a huge psychological gap between assuming you are a risk-taker because you put on trades and fully accepting the risks inherent in each trade. When you fully accept the risks, it will have profound implications on your bottom-line performance.

To help ensure success, practice defensive money management. A good trader watches his capital as carefully as a professional scuba diver watches his air supply.

All I ever wanted to do was live my own life. And I’m having damn little success at that.” p. 250: Brashen Trell and Amber

Genuine acceptance that there will be losses on your way to market success will greatly decrease the hurt when they eventually come.

Indeed, I have found that confidence is one of the most consistent traits exhibited by the successful traders I have interviewed.

It’s not how you start; it’s how you finish! You can do this; you can be a successful trader. Don’t give up!

Hire the successful trader, conditional on a solid track record, whose details you can understand the least.

The speculator's chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation when the market goes against you you hope that every day will be the last day and you lose more than you should had you not listened to hope to the same ally that is so potent a success-bringer to empire builders and pioneers, big and little. And when the market goes your way you become fearful that the next day will take away your profit, and you get out too soon. Fear keeps you from making as much money as you ought to. The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. Instead of hoping he must fear; instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit. It is absolutely wrong to gamble in stocks the way the average man does.

Kovner lists risk management as the key to successful trading; he always decides on an exit point before he puts on a trade. He also stresses the need for evaluating risk on a portfolio basis rather than viewing the risk of each trade independently. This is absolutely critical when one holds positions that are highly correlated, since the overall portfolio risk is likely to be much greater than the trader realizes.

The ability of Wall Street traders to see themselves in their success and their management in their failure would later be echoed, when their firms, which disdained the need for government regulation in good times, insisted on being rescued by government in bad times. Success was individual achievement; failure was a social problem.

I discovered that you can’t train people how to trade by just imparting knowledge. The key to trading success is emotional discipline. Making money has nothing to do with intelligence. Think of all the bright people that choose careers on Wall Street. If intelligence were the key, there would be a lot more people making money trading.

I feel my success comes from my love of the markets. I am not a casual trader. It is my life. I have a passion for trading. It is not merely a hobby or even a career choice for me. There is no question that this is what I am supposed to do with my life.

If trading (or any other job or endeavor) is a source of anxiety, fear, frustration, depression, or anger, something is wrong—even if you are successful in a conventional sense,

Strive to enrich all lives, hearts and minds not just your own pockets

Short-term trading is very time-consuming. That is why even “successful” short-term traders can easily have negative real ROI.

But the fact is: The people who are really successful in trading are tremendously hard workers.

The idea that trading success is tied to finding some specific ideal approach is misguided. There is no single correct methodology.

Excellence and achievement have a structure that can be copied. By modeling successful people, we can learn from the experience of those who have already succeeded.

A true natural aristocracy is not a separate interest in the state, or separable from it. It is an essential integrant part of any large body rightly constituted. It is formed out of a class of legitimate presumptions, which taken as generalities, must be admitted for actual truths. To be bred in a place of estimation; to see nothing low and sordid from one’s infancy; to be taught to respect one’s self; to be habituated to the censorial inspection of the public eye; to look early to public opinion; to stand upon such elevated ground as to be enabled to take a large view of the wide-spread and infinitely diversified combinations of men and affairs in a large society; to have leisure to read, to reflect, to converse; to be enabled to draw the court and attention of the wise and learned wherever they are to be found;—to be habituated in armies to command and to obey; to be taught to despise danger in the pursuit of honor and duty; to be formed to the greatest degree of vigilance, foresight and circumspection, in a state of things in which no fault is committed with impunity, and the slightest mistakes draw on the most ruinous consequence—to be led to a guarded and regulated conduct, from a sense that you are considered as an instructor of your fellow-citizens in their highest concerns, and that you act as a reconciler between God and man—to be employed as an administrator of law and justice, and to be thereby amongst the first benefactors to mankind—to be a professor of high science, or of liberal and ingenuous art—to be amongst rich traders, who from their success are presumed to have sharp and vigorous understandings, and to possess the virtues of diligence, order, constancy, and regularity, and to have cultivated an habitual regard to commutative justice—these are the circumstances of men, that form what I should call a natural aristocracy, without which there is no nation.

Investing styles may differ among successful market players, but without exception, winning stock traders share certain key traits required for success. Fall short in those qualities and you will surely part ways with your money.

skill in evaluating the business prospects of a firm is not sufficient for successful stock trading, where the key question is whether the information about the firm is already incorporated in the price of its stock. Traders apparently lack the skill to answer this crucial question, but they appear to be ignorant of their ignorance.

What I listen for is someone who really wanted something that could be obtained only through taking the risk, whether that risk was big or small. It's not even important that she managed the risk skillfully; it's only important that she knew it was there, respected it, but took it anyway. Most people wander through life, carelessly taking whatever risk crosses their path without compensation, but never consciously accepting extra risk to pick up the money and other good things lying all around them. Other people reflexively avoid every risk or grab every loose dollar without caution. I don't mean to belittle these strategies; I'm sure they make sense to the people who pursue them. I just don't understand them myself. I do know that none of these people will be successful traders.

While the meetings included traders, that is, people who are judged on their numerical performance, it was mostly a forum for salespeople (people capable of charming customers), and the category of entertainers called Wall Street “economists” or “strategists,” who make pronouncements on the fate of the markets, but do not engage in any form of risk taking, thus having their success dependent on rhetoric rather than actually testable facts.

In the urban communities of medieval Europe, the success of merchants, traders, and artisans depended—in part—on their reputation for impartial honesty and fairness, and on their industriousness, patience, precision, and punctuality. These reputational systems favored the cultivation of the relevant social standards, attentional biases, and motivations that apply to impersonal transactions. I suspect these changes in both people’s psychology and society’s reputational standards are an important part of the rapidly rising availability of credit, which helped fuel the commercial revolution.57

The answer is yes, except that some of us do so more than others. Dorn has observed that her extroverted clients are more likely to be highly reward-sensitive, while the introverts are more likely to pay attention to warning signals. They’re more successful at regulating their feelings of desire or excitement. They protect themselves better from the downside. “My introvert traders are much more able to say, ‘OK, Janice, I do feel these excited emotions coming up in me, but I understand that I can’t act on them.’ The introverts are much better at making a plan, staying with a plan, being very disciplined.

Making money in the markets is tough. The brilliant trader and investor Bernard Baruch put it well when he said, “If you are ready to give up everything else and study the whole history and background of the market and all principal companies whose stocks are on the board as carefully as a medical student studies anatomy—if you can do all that and in addition you have the cool nerves of a gambler, the sixth sense of a clairvoyant and the courage of a lion, you have a ghost of a chance.” In retrospect, the mistakes that led to my crash seemed embarrassingly obvious. First, I had been wildly overconfident and had let my emotions get the better of me. I learned (again) that no matter how much I knew and how hard I worked, I could never be certain enough to proclaim things like what I’d said on Wall $ treet Week: “There’ll be no soft landing. I can say that with absolute certainty, because I know how markets work.” I am still shocked and embarrassed by how arrogant I was. Second, I again saw the value of studying history. What had happened, after all, was “another one of those.” I should have realized that debts denominated in one’s own currency can be successfully restructured with the government’s help, and that when central banks simultaneously provide stimulus (as they did in March 1932, at the low point of the Great Depression, and as they did again in 1982), inflation and deflation can be balanced against each other. As in 1971, I had failed to recognize the lessons of history. Realizing that led me to try to make sense of all movements in all major economies and markets going back a hundred years and to come up with carefully tested decision-making principles that are timeless and universal. Third, I was reminded of how difficult it is to time markets. My long-term estimates of equilibrium levels were not reliable enough to bet on; too many things could happen between the time I placed my bets and the time (if ever) that my estimates were reached. Staring at these failings, I realized that if I was going to move forward without a high likelihood of getting whacked again, I would have to look at myself objectively and change—starting by learning a better way of handling the natural aggressiveness I’ve always shown in going after what I wanted. Imagine that in order to have a great life you have to cross a dangerous jungle. You can stay safe where you are and have an ordinary life, or you can risk crossing the jungle to have a terrific life. How would you approach that choice? Take a moment to think about it because it is the sort of choice that, in one form or another, we all have to make.

We had come to see the work of Wedco, a small bank – micro-finance institution is the formal term – that has been one of CARE’s great success stories in the region. Wedco began in 1989 with the idea of making small loans to groups of ladies, generally market traders, who previously had almost no access to business credit. The idea was that half a dozen or so female traders would form a business club and take out a small loan, which they would apportion among themselves, to help them expand or improve their businesses. The idea of having a club was to spread the risk. It seemed a slightly loopy idea to many to focus exclusively on females, but it has been a runaway success.

Time and again I am asked why no one has successfully replicated Trader Joe’s. The answer is that no one has been willing to pay the wages and benefits, and thereby attract—and keep—the quality of people who work at Trader Joe’s. My standard was simple: the average full-time employee in the stores would make the median family income for California. Back in those days it was about $7,000; as I write this, it is around $40,000. What I didn’t count on back there in the 1960s was that so many spouses would go to work in the national economy. When I started, average family income was about the same as average employee income. The great social change of the 1970s and 1980s moved millions of women into the workplace. Average family income soared ahead. But we stuck with our standard, and it paid off.

All I ever wanted to do was live my own life. And I’m having damn little success at that.” She laughed low. “Only because you keep standing back from it. And turning aside from it. And avoiding it.” She shook her head. “Trell, Trell. Open your eyes. This horrible mess is your life. There is no sense in waiting for it to get better. Stop putting it off and live it.” She laughed again. Her voice seemed to go afar. “Everyone thinks that courage is about facing death without flinching. But almost anyone can do that. Almost anyone can hold their breath and not scream for as long as it takes to die. True courage is facing life without flinching. I don’t mean the times when the right path is hard, but glorious at the end. I’m talking about enduring boredom, and the messiness, and the inconvenience of doing what is right.” p. 250: Brashen Trell and Amber

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.

Cohen continued to struggle with his own well-being. Even though he had achieved his life’s dream of running his own firm, he was still unhappy, and he had become dependent on a psychiatrist named Ari Kiev to help him manage his moods. In addition to treating depression, Kiev’s other area of expertise was success and how to achieve it. He had worked as a psychiatrist and coach with Olympic basketball players and rowers trying to improve their performance and overcome their fear of failure. His background building athletic champions appealed to Cohen’s unrelenting need to dominate in every transaction he entered into, and he started asking Kiev to spend entire days at SAC’s offices, tending to his staff. Kiev was tall, with a bushy mustache and a portly midsection, and he would often appear silently at a trader’s side and ask him how he was feeling. Sometimes the trader would be so startled to see Kiev there he’d practically jump out of his seat. Cohen asked Kiev to give motivational speeches to his employees, to help them get over their anxieties about losing money. Basically, Kiev was there to teach them to be ruthless. Once a week, after the market closed, Cohen’s traders would gather in a conference room and Kiev would lead them through group therapy sessions focused on how to make them more comfortable with risk. Kiev had them talk about their trades and try to understand why some had gone well and others hadn’t. “Are you really motivated to make as much money as you can? This guy’s going to help you become a real killer at it,” was how one skeptical staff member remembered Kiev being pitched to them. Kiev’s work with Olympians had led him to believe that the thing that blocked most people was fear. You might have two investors with the same amount of money: One was prepared to buy 250,000 shares of a stock they liked, while the other wasn’t. Why? Kiev believed that the reluctance was a form of anxiety—and that it could be overcome with proper treatment. Kiev would ask the traders to close their eyes and visualize themselves making trades and generating profits. “Surrendering to the moment” and “speaking the truth” were some of his favorite phrases. “Why weren’t you bigger in the trades that worked? What did you do right?” he’d ask. “Being preoccupied with not losing interferes with winning,” he would say. “Trading not to lose is not a good strategy. You need to trade to win.” Many of the traders hated the group therapy sessions. Some considered Kiev a fraud. “Ari was very aggressive,” said one. “He liked money.” Patricia, Cohen’s first wife, was suspicious of Kiev’s motives and believed that he was using his sessions with Cohen to find stock tips. From Kiev’s perspective, he found the perfect client in Cohen, a patient with unlimited resources who could pay enormous fees and whose reputation as one of the best traders on Wall Street could help Kiev realize his own goal of becoming a bestselling author. Being able to say that you were the

The symposium was a closed-doors, synod-style assembly of people who would never have mixed otherwise. My first surprise was to discover that the military people there thought, behaved, and acted like philosophers—far more so than the philosophers we will see splitting hairs in their weekly colloquium in Part Three. They thought out of the box, like traders, except much better and without fear of introspection. An assistant secretary of defence was among us, but had I not known his profession I would have thought he was a practitioner of skeptical empiricism. Even an engineering investigator who had examined the cause of a space shuttle explosion was thoughtful and open-minded. I came out of the meeting realising that only military people deal with randomness with genuine, introspective intellectual honesty—unlike academics and corporate executives using other people's money. This does not show in war movies, where they are usually portrayed as war-hungry autocrats. The people in front of me were not the people who initiate wars. Indeed, for many, the successful defence policy is the one that manages to eliminate potential dangers without war, such as the strategy of bankrupting the Russians through the escalation in defence spending. When I expressed my amazement to Laurence, another finance person who was sitting next to me, he told me that the military collected more genuine intellects and risk thinkers than most if not all other professions. Defence people wanted to understand the epistemology of risk.

headquarters permanently to Rome. Rome was at the center of world affairs, as it was also the center of world corruption. Where else could be better suited—especially now that Monteriggioni was no longer a viable option? He also had plans for a system of distribution of the Brotherhood’s funds in response to individual Assassins’ successfully completed missions. Those diamonds he’d taken from the slave traders had come in very handy, a welcome addition to the campaign fund. One day… But “one day” was still a long way off. The Brotherhood still had no new elected leader, though by common consent and by virtue of their actions, he and Machiavelli had become its temporary chiefs. But they were still only temporary. Nothing had been ratified in formal council. And Caterina preyed on his mind. He had left Claudia to oversee the renovation of the Rosa in Fiore without any supervision or interference. Let her sink or swim in her own overweening confidence! It’d be no fault of his if she sank. But the brothel was an important link in his network, and he admitted to himself that if he really had had absolutely no faith in her, he might have leaned on her harder in the first place. Now was the time to put her work—what she had achieved—to the test. When he returned to the Rosa in Fiore, he was as surprised as he was pleased. Just as successful, he hoped, as his own previous transformations in the city, and at Bartolomeo’s barracks, had been (though even for those he was modest and realistic enough not to take all the credit). But he hid his delight as he took in the sumptuous rooms hung with costly tapestries, the wide sofas, the soft silk cushions, and the white wines chilled with ice—an

The National Socialist Movement has, besides its delivery from the Jewishcapitalist shackles imposed by a plutocratic-democratic, dwindling class of exploiters at home, pronounced its resolve to free the Reich from the shackles of the Diktat of Versailles abroad. The German demands for a revision were an absolute necessity, a matter of course for the existence and the honor of any great people. Posterity will some day come to regard them as exceedingly modest. All these demands had to be carried through, in practice against the will of the British French potentates. Now more than ever we all see it as a success of the leadership of the Third Reich that the realization of these revisions was possible for years without resort to war. This was not the case-as the British and French demagogues would have it-because we were not then in a position to wage war. When it finally appeared as though, thanks to a gradually awakening common sense, a peaceful resolution of the remaining problems could be reached through international cooperation, the agreement concluded in this spirit on September 29, 1938, at Munich by the four great states predominantly involved, was not welcomed by public opinion in London and Paris, but was condemned as a despicable sign of weakness. The Jewish capitalist warmongers, their hands covered with blood, saw in the possible success of such a peaceful revision the vanishing of plausible grounds for the realization of their insane plans. Once again that conspiracy of pitiful, corrupt political creatures and greedy financial magnates made its appearance, for whom war is a welcome means to bolster business. The international Jewish poison of the peoples began to agitate against and to coroode healthy minds. Men of letters set out to portray decent men who desired peace as weaklings and traitors, to denounce opposition parties as a “fifth column,” in order to eliminate internal resistance to their criminal policy of war. Jews and Freemasons, armament industrialists and war profiteers, international traders and stockjobbers, found political blackguards: desperados and glory seekers who represented war as something to be yearned for and hence wished for. Adolf Hitler - speech to the Reichstag Berlin, July 19, 1940

By pointing to the captain’s foolhardy departure from standard procedure, the officials shielded themselves from the disturbing image of slaves overpowering their captors and relieved themselves of the uncomfortable obligation to explain how and why the events had deviated from the prescribed pattern. But assigning blame to the captain for his carelessness afforded only partial comfort, for by seizing their opportunity, the Africans aboard the Cape Coast had done more than liberate themselves (temporarily at least) from the slave ship. Their action reminded any European who heard news of the event of what all preferred not to contemplate too closely; that their ‘accountable’ history was only as real as the violence and racial fiction at its foundation. Only by ceaseless replication of the system’s violence did African sellers and European buyers render captives in the distorted guise of human commodities to market. Only by imagining that whiteness could render seven men more powerful than a group of twice their number did European investors produce an account naturalizing social relations that had as their starting point an act of violence. Successful African uprisings against European captors were of course moments at which the undeniable free agency of the captives most disturbed Europeans—for it was in these moments that African captives invalidated the vision of the history being written in this corner of the Atlantic world and articulated their own version of a history that was ‘accountable.’ Other moments in which the agency and irrepressible humanity of the captives manifested themselves were more tragic than heroic: instances of illness and death, thwarted efforts to escape from the various settings of saltwater slavery, removal of slaves from the market by reason of ‘madness.’ In negotiating the narrow isthmus between illness and recovery, death and survival, mental coherence and insanity, captives provided the answers the slave traders needed: the Africans revealed the boundaries of the middle ground between life and death where human commodification was possible. Turning people into slaves entailed more than the completion of a market transaction. In addition, the economic exchange had to transform independent beings into human commodities whose most ‘socially relevant feature’ was their ‘exchangeability’ . . . The shore was the stage for a range of activities and practices designed to promote the pretense that human beings could convincingly play the part of their antithesis—bodies animated only by others’ calculated investment in their physical capacities.

As a highly successful slave trader, James DeWolf owned all of his vessels outright. DeWolf also held 75 percent interest in many other vessels, primarily those owned by his brothers and extended relatives.135 Levi, John and William, in addition to James, also owned shares in numerous local American slavers.136

So ended the tale of Dabasir the camel trader of old Babylon. He found his own soul when he realized a great truth, a truth that had been known and used by wise men long before his time. It has led men of all ages out of difficulties and into success and it will continue to do so for those who have the wisdom to understand its magic power. It is for any man to use who reads these lines.

The agents of imperial demise would certainly be backed up by military power—the Chinese have never wavered in that view—but the agents would be many and varied: economic, legal, public relations—and electronic sabotage. The success of George Soros’s then recent speculative attack on the currencies of several East Asian nations impressed but appalled the Chinese (who have pegged their own currency to the dollar in part to discourage such tactics). Soros and his traders had driven down the value of these currencies, forcing them into line with their true worth! But that point was lost on Qiao and Wang, as it was lost on noncapitalists (i.e., most people) around the world, who saw only economic chaos in Asia created by Western capitalists. To the authors of Unrestricted Warfare, these attacks were a form of economic terrorism on par with bin Laden’s bombings of U.S. embassies in East Africa, Aum Shinrikyo’s sarin gas attack in the Tokyo subway, and the depredations of malicious hackers on the Internet. They “represent semi-warfare, quasi-warfare, and sub-warfare, that is, the embryonic form of another kind of warfare.” Such warfare knows no boundaries, and against it, borders have no meaning.

traders who are honest with themselves, will admit that being consistently successful in this game is extremely hard. Some studies suggest that 95% of traders lose money, and “only 5% of traders can make a living at it,” or “only 1% of traders really make big money.” 39   John

Focus on having a profit at the end of ten trades, not about getting nine profitable trades. Even at the best of times, professional traders get only three or four out of ten trades right. Their success lies in their ability to quickly quit losing trades. It is a psychological hurdle you have to cross. We are so programmed that we feel disturbed when we lose money in 7 or 8 out of 10 trades and this impacts our entire trading style. However, if you can quit 8 out of 10 trades because they lost 5% from your purchase price, you are on your way to mastering trading. I am suggesting a 5% limit to losses because you cannot afford to take a bigger loss. Of course, in many trades, a 5% loss limit will get you out of a trade which may bounce back. But the risk you take by not putting the 5% limit on the loss is too high for any gain any potential bouncebacks may deliver.

Crises are good for traders! High fluctuation, public panic, and the ability to execute shorts are important tools in the hand of an experienced trader.

A pro trader once told me that a pro’s job is to find the idiots willing to buy from him…

The stock exchange is a gambling club in which the house members (pros, institutional traders, the State) take advantage of the public’s greed in order to profit from their mistakes.

In contrast, an inner dialogue of positive thoughts will propel you to new heights. You will do things that you thought impossible, and you will realize your goals and achieve success. Having a positive inner dialogue will help you realize your dreams, and your optimism will be a positive force in the lives of those around you.

have done the work. I am a competent trader. I know what I am doing. Success will come.” -“I understand that losses are part of trading and are a normal business expense.” -“Hindsight is 20/20. All I can do is follow my trading plan.” -“I know if I grow and learn, trading success will come.” -“I am willing to do what it takes to be a successful trader.

You can succeed in trading only if you handle it as a serious intellectual pursuit. Emotional trading is lethal. To help ensure success, practice defensive money management. A good trader watches his capital as carefully as a professional scuba diver watches his air supply.

One of the standard arguments used in the 1990s to justify the introduction of a common European currency was that exchange-rate instability would disrupt trade in the common market. A monetary union between Canada and the US, however, has never been seriously considered even though the trading relationship between these two countries is the largest bilateral trading relationship in the world, see the preceding section. The fact that Canadian and US traders continue to operate, apparently with success, using their own currencies shows that the argument about currency swings dampening inter-state trade is far from convincing. Trade is also booming between Canada, Mexico and the US, the three members of NAFTA, in spite of the coexistence of three national currencies (Vega Cànovas 2010).

By 1690, the English naturalist the Reverend John Banister was reporting that the Indians of the Hudson Bay area had been successfully tempted by traders to want ‘many things which they had not wanted before, because they never had them, but which by means of trade are now highly necessary to them’. Two decades later, the traveller Robert Beverley observed, ‘The Europeans have introduced luxury among the Indians which has multiplied their wants and made them desire a thousand things they never even dreamt of before.

I once had a foreign exchange trader who worked for me who was an unabashed chartist. He truly believed that all the information you needed was reflected in the past history of a currency. Now it's true there can be less to consider in trading currencies than individual equities, since at least for developed country currencies it's typically not necessary to pore over their financial statements every quarter. And in my experience, currencies do exhibit sustainable trends more reliably than, say, bonds or commodities. Imbalances caused by, for example, interest rate differentials that favor one currency over another (by making it more profitable to invest in the higher-yielding one) can persist for years. Of course, another appeal of charting can be that it provides a convenient excuse to avoid having to analyze financial statements or other fundamental data. Technical analysts take their work seriously and apply themselves to it diligently, but it's also possible for a part-time technician to do his market analysis in ten minutes over coffee and a bagel. This can create the false illusion of being a very efficient worker. The FX trader I mentioned was quite happy to engage in an experiment whereby he did the trades recommended by our in-house market technician. Both shared the same commitment to charts as an under-appreciated path to market success, a belief clearly at odds with the in-house technician's avoidance of trading any actual positions so as to provide empirical proof of his insights with trading profits. When challenged, he invariably countered that managing trading positions would challenge his objectivity, as if holding a losing position would induce him to continue recommending it in spite of the chart's contrary insight. But then, why hold a losing position if it's not what the chart said? I always found debating such tortured logic a brief but entertaining use of time when lining up to get lunch in the trader's cafeteria. To the surprise of my FX trader if not to me, the technical analysis trading account was unprofitable. In explaining the result, my Kool-Aid drinking trader even accepted partial responsibility for at times misinterpreting the very information he was analyzing. It was along the lines of that he ought to have recognized the type of pattern that was evolving but stupidly interpreted the wrong shape. It was almost as if the results were not the result of the faulty religion but of the less than completely faithful practice of one of its adherents. So what use to a profit-oriented trading room is a fully committed chartist who can't be trusted even to follow the charts? At this stage I must confess that we had found ourselves in this position as a last-ditch effort on my part to salvage some profitability out of a trader I'd hired who had to this point been consistently losing money. His own market views expressed in the form of trading positions had been singularly unprofitable, so all that remained was to see how he did with somebody else's views. The experiment wasn't just intended to provide a “live ammunition” record of our in-house technician's market insights, it was my last best effort to prove that my recent hiring decision hadn't been a bad one. Sadly, his failure confirmed my earlier one and I had to fire him. All was not lost though, because he was able to transfer his unsuccessful experience as a proprietary trader into a new business advising clients on their hedge fund investments.

The more tranquil a man becomes, the greater is his success, his influence, his power for good. Even the ordinary trader will find his business prosperity increase as he develops a greater self-control and equanimity, for people will always prefer to deal with a man whose demeanor is strongly equable.

successful city trader. Which in some ways he was, when you came to think of it. The markets went up, they went down, and if you were smart you could control whichever way they moved. Winner takes all. It didn’t matter whether you were a trader shifting shares in oil, or a gangster moving cocaine or heroin. The stakes were as high for both, and those with the biggest balls never, ever lost.

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.

When mistakes stop being negative and become life lessons, the only thing that separates you from success is time.

At a given time in the market, the most successful traders are likely to be those that are best fit to the latest cycle.

Those traders who have confidence in their own trades, who trust themselves to do what needs to be done without hesitation, are the ones who become successful. They no longer fear the erratic behavior of the market. They learn to focus on the information that helps them spot opportunities to make a profit, rather than focusing on the information that reinforces their fears.

The essence of success and happiness results from actualizing your potential, which requires a constant process of learning and growing, as well as the recognition that making mistakes is an inevitable, even essential, part of life.

Taking responsibility means acknowledging and accepting, at the deepest part of your identity, that you—not the market—are completely responsible for your success or failure as a trader.

Sadly, no one named Victor has written a definitive history of Hong Kong. So we’re left with three versions to choose from. The British version: Provoked into war by Chinese duplicity toward honest European traders, Britain—reluctantly, mind you—took, as a wee little concession, an uninhabited “barren rock with hardly a house upon it”, where they kindly implanted civilization, rule of law, and the most successful, freewheeling capitalist economy the world has ever known. 156 years later they magnanimously gave it back, and everyone lived happily ever after. The Chinese version: Hong Kong was a modern, thriving coastal commercial centre, seized by devilish foreigners during the greatest humiliation ever perpetrated upon China, a heinous act never to be forgotten for the next ten billion years. Thanks to the omniscient leadership of the Communist Party, China’s pride and joy was at last restored to the benevolent embrace of the Motherland, for which all Chinese around the world feel avenged. And by the way, Taiwan’s next. Finally, the most commonly-held version of Hong Kong history: I dunno. You mean I should care?

If an investor pursued an exclusive strategy of day trading stock index futures, investment results for the portfolio would have nothing to do with asset allocation or security selection and everything to do with market timing. The lack of widespread frenetic trading by investors stems either from a general sensibility of the investing populace or from a Darwinian winnowing of the day traders’ ranks.

The fact is, when people truly stare down reality, they prepare themselves to act in ways that allow them to endure and survive extraordinary hardship. This is also true for successful traders. They’re resilient. They can and will train themselves in how to survive before the need arises.

Alexander Elder writes in his book, Trading for a Living, successful traders watch their trades and their money as carefully as professional scuba divers watch their supply of air.

Certainty of success leads to boredom, and doubt creates anxiety. Depression results from certain doubt: the assessment that the gap between real and ideal can never be bridged.

Laszlo Birinyi, in his book Master Trader, has calculated that a buy-and-hold investor would have seen one dollar invested in the Dow Jones Industrial Average in 1900 grow to $290 by the start of 2013. Had that investor missed the best five days each year, however, that dollar investment would have been worth less than a penny in 2013.

you wish to be a successful trader, you need to work on changing and developing your personality at every level.

I have actually believed the myth that day trading is impossible. But I did not quit. I really wanted to be a successful trader and to have the lifestyle and the freedom that come with it.

Colonel, my ass. That rotten Indian hater will only cause more problems out here for the real Army. If the man kept harassing and murdering innocent natives, there would be more Indian attacks and unrest at a time when the Army had few enough men in Colorado or anywhere else in the West to take care of such problems. Even the half-Indian Bent brothers, successful traders and friends to the Army and whites, were growing restless and resentful. Through

She thinks you will succeed. But whether you will know you have succeeded, or if the success will be the one you would have chosen for yourself, well, those are things no one can say now. But she knows you will succeed at whatever you are meant to do.” p.613: Paragon to Brashen (about Mother)

You have 30 to 50 times better chances of creating a successful business than at succeeding as a short-term trader.

10/20/30 Rule in my book can level the playing field for a retail forex trader to trade alongside big banks and hedge funds.

The poorer women lived from wages, the richer women sank their money into houses they often shared with other beguines. That did not stop them being very successful in the new commercial world around them; the beguinage of Sint-Truiden was attacked and plundered in 1340 by townspeople furious at how well the women were doing, especially since they were free of some taxes.9 Some of them were traders, not just artisans.

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.

Colonel, my ass. That rotten Indian hater will only cause more problems out here for the real Army. If the man kept harassing and murdering innocent natives, there would be more Indian attacks and unrest at a time when the Army had few enough men in Colorado or anywhere else in the West to take care of such problems. Even the half-Indian Bent brothers, successful traders and friends to the Army and whites, were growing restless and resentful.

In l982, however, the success of the KFAC broadcasts was so apparent that I dropped all newspaper advertising and put the money into outright commercials for Trader Joe’s. These were broadcast on demographically suited radio stations: mostly all-news or all-classical. This is still the pattern followed by Trader Joe’s. About the format of the sixty-second radio spots, which has attracted a lot of attention in media circles: I think that most radio commercials are terrible. They have too many “production values.” Even worse, they issue commands to the listener: “Buy this!” “Shop now!” “Hurry!” One should never use a mandatory sentence in addressing a customer; should never give orders. The subliminal message of a Trader Joe’s commercial is, “We’re gonna be around for a long time. If you miss out on this bargain, there’ll be another. If you have the time and inclination . . .” Most supermarket radio spots are paid for by cooperative advertising allowances from manufacturers. The supermarkets jam as many brands into sixty seconds as possible, because it maximizes their revenue. Information be damned! In sharp contrast, each Trader Joe’s spot was devoted to a single product, about which we tried to develop a story.

The tagline “thanks for listening,” which has been so copied and admired, derived from the successful 1976 senatorial campaign of S. I. Hayakawa. Hayakawa was a professor of linguistics at San Francisco State University (before he became university president). He knew how to use the English language. The calm manner of his radio commercials, his thanking the listener for staying tuned, really impressed me and, six years later, provided the chassis and the closer for Trader Joe’s commercials. We used the commercials to keep us in front of the public between editions of the Fearless Flyer. We didn’t do both at the same time, or else the stores would have been overwhelmed with business. In short, the radio commercials were and are extremely effective. In the course of this, my voice became one of the best known in California.

What we gave mostly was wine. Especially after we made this legal(!) by acquiring that Master Wine Grower’s license in 1973. Most requests were made by women (not men) who had been drafted by their respective organizations to somehow get wine for an event. We made a specialty of giving them a warm welcome from the first call. All we wanted was the organization’s 501c3 number, and from which store they wanted to pick it up. We wanted to make that woman, and her friends, our customers. But we didn’t want credit in the program, as we knew the word would get out from that oh-so-grateful woman who had probably been turned down by six markets before she called us. Everybody wanted champagne. We firmly refused to donate it, because the federal excise tax on sparkling wine is so great compared with the tax on still wine. To relieve pressure on our managers, we finally centralized giving into the office. When I left Trader Joe’s, Pat St. John had set up a special Macintosh file just to handle the three hundred organizations to which we would donate in the course of a year. I charged all this to advertising. That’s what it was, and it was advertising of the most productive sort. Giving Space on Shopping Bags One of the most productive ways into the hearts of nonprofits was to print their programs on our shopping bags. Thus, each year, we printed the upcoming season for the Los Angeles Opera Co., or an upcoming exhibition at the Huntington Library, or the season for the San Diego Symphony, etc. Just printing this advertising material won us the support of all the members of the organization, and often made the season or the event a success. Our biggest problem was rationing the space on the shopping bags. All we wanted was camera-ready copy from the opera, symphony, museum, etc. This was a very effective way to build the core customers of Trader Joe’s. We even localized the bags, customizing them for the San Diego, Los Angeles, and San Francisco market areas. Several years after I left, Trader Joe’s abandoned the practice because it was just too complicated to administer after they expanded into Arizona, Washington, etc., and they no longer had my wife, Alice, running interference with the music and arts groups. This left an opportunity for small retailers in local areas, and I strongly recommended it to them. In 1994, while running the troubled Petrini’s Markets in San Francisco, I tried the same thing, again with success, for the San Francisco Ballet and a couple of museums.

Word of Mouth: the Power of True Believers As everyone knows, word of mouth is the most effective advertising of all. Or, when in my cups, I have been known to say that there’s no better business to run than a cult. Trader Joe’s became a cult of the overeducated and underpaid, partly because we deliberately tried to make it a cult once we got a handle on what we were actually doing, and partly because we kept the implicit promises with our clientele. I used to work every Thanksgiving Day in one of the stores. They only let me bag, because I had lost all my checker skills. One Thanksgiving, a woman came in and asked for bourbon. I told her that we had none, because we had not been able to make the right kind of deal (this was after the end of Fair Trade, when we were deep in the Mac the Knife mode). “That’s all right,” she exclaimed. “I know what you’re trying to do for us!” Note the us. There aren’t many cult retailers who successfully retain their cult status over a long period of time. A couple in California are In ’n Out Burger and Fry’s Electronics. But across America, in every town, there’s a particular donut shop, pizza parlor, bakery, greengrocer, bar, etc., that has a cult following of True Believers. The old Petrini’s of the 1950s and 1960s had that status when it came to meat. Brooks Bros had that status until the 1970s. S. S. Pierce in Boston was another. But all of them failed to keep the faith. Beware of ever betraying the True Believers! The fury of a woman scorned is nothing compared with that of a betrayed cultee.

Making mistakes is part of the learning process when it comes to trading or investing. Every trader makes mistakes in trading that ruin his entire capital. We have listed some common but 5 deadly trading mistakes that a novice or unprofessional trader does in the commodity market: No Patience, Over Trading, Trading Without Plan, Giving Into Emotions, Not Having A Trading Journal. You may include market conditions, the size of the trade, expiration time, prices, whether or not you were successful, and even notes on your emotions. Looking Forward and Join Free MCX Crude Oil Tips, MCX Commodity Trading Trial! Call at 9814289955 or go through our website.

This helps to explain why I went from 1974 to 1978 without opening another store, something that could be viewed as inexcusable, given the success of Whole Earth Harry. Again, however, I did the right thing for the wrong reason. When Fair Trade on milk and alcohol blew up in our face in late 1976, we were not locked into too many stores that had been built on the assumption that those 1930s laws would last forever. Among other things, this saved us from having increased our huge investment in liquor licenses, which plunged in value when Fair Trade ended. It left us in better shape to transition from Whole Earth Harry to Mac the Knife, a powerhouse that could draw people from twenty-five miles around, provided you leased stores with the boulevard access that would make that possible.

To keep sales increasing during the mid-1970s, we relied on new ideas implemented in existing stores. This was my favorite form of growth. I don’t think that any given store ever fully realizes its potential. During those four years of no expansion in terms of number of stores, our dollar sales kept right on growing while the CEO of Trader Joe’s struggled with trying to reconcile good business practice with the Whole Earth Catalog. Whole Earth Harry indeed! In my private life, I had become an organic gardener. Few things have so enriched my life so much as my own personal conversion to organic gardening, something that I still practice except when the ants start raising colonies of aphids in my blood orange trees, and it’s Grant’s Ant Control to the rescue. In any event, the schizoid marriage of the party store with the health food store was a great success for Trader Joe’s, if not for the biosphere.

Oh, my name is Mr. Cookie Face And I am here to flow Singing hip-hop songs Is what I know Now, gather ‘round And listen to this Because if you ignore my words You’ll get hit with my fist Because I’m a hip-hop master And I’m crafting a sick beat I can’t rap any faster Because then I’ll need to eat Creepers, skeletons, and zombies all know it I’m the Man and I don’t need to show it Haters try to flex But won’t block my success Rhymes flow through my brain Like honey in a bee’s nest Mr. Cookie Face ain’t no dessert Best back away or You gonna get hurt.

Here’s a good question: Given my need to get away from convenience stores, why did I stick with small stores? If in 1967 it was justified because I had eighteen of them already, surely it was no longer justified in the 1980s when Trader Joe’s had become a powerful, successful operation. The answer was verbalized for us in In Search of Excellence, Tom Peter’s best-selling book on management that appeared in 1983. He called it “The Power of Chunking”: The essential building block of a company is the section [which] within its sphere does not await executive orders but takes initiatives. The key factor for success is getting one’s arms around almost any practical problem and knocking it off. . . . The small group is the most visible of the chunking devices.

Who are we, the people who have ADHD? We are the problem kid who drives his parents crazy by being totally disorganized, unable to follow through on anything, incapable of cleaning up a room, or washing dishes, or performing just about any assigned task; the one who is forever interrupting, making excuses for work not done, and generally functioning far below potential in most areas. We are the kid who gets daily lectures on how we’re squandering our talent, wasting the golden opportunity that our innate ability gives us to do well, and failing to make good use of all that our parents have provided. We are also sometimes the talented executive who keeps falling short due to missed deadlines, forgotten obligations, social faux pas, and blown opportunities. Too often we are the addicts, the misfits, the unemployed, and the criminals who are just one diagnosis and treatment plan away from turning it all around. We are the people Marlon Brando spoke for in the classic 1954 film On the Waterfront when he said, “I coulda been a contender.” So many of us coulda been contenders, and shoulda been for sure. But then, we can also make good. Can we ever! We are the seemingly tuned-out meeting participant who comes out of nowhere to provide the fresh idea that saves the day. Frequently, we are the “underachieving” child whose talent blooms with the right kind of help and finds incredible success after a checkered educational record. We are the contenders and the winners. We are also imaginative and dynamic teachers, preachers, circus clowns, and stand-up comics, Navy SEALs or Army Rangers, inventors, tinkerers, and trend setters. Among us there are self-made millionaires and billionaires; Pulitzer and Nobel prize winners; Academy, Tony, Emmy, and Grammy award winners; topflight trial attorneys, brain surgeons, traders on the commodities exchange, and investment bankers. And we are often entrepreneurs. We are entrepreneurs ourselves, and the great majority of the adult patients we see for ADHD are or aspire to be entrepreneurs too. The owner and operator of an entrepreneurial support company called Strategic Coach, a man named Dan Sullivan (who also has ADHD!), estimates that at least 50 percent of his clients have ADHD as well.

The goal of a successful day trader is to figure out if the sellers will end up in control or if the buyers will end up in control, and then make a calculated bet, at the appropriate time, quickly and tactically on the winning group.

If we shift our focus from relentless productivity, we may collectively rethink our societal metrics for success. A society obsessed with shareholder value, GDP, and corporate wealth creation will value and reward those who drive those metrics upward: bankers, venture capitalists, day traders. A society obsessed with quality of life, care, and societal health values and rewards a very different set of people. Before and during the pandemic, our most “essential” workers struggled to receive equitable pay and adequate protections, precisely because their work wasn’t valued. But what if it was? And what if one of the key steps to getting there was for nonessential workers (like us!) to change the way we see ourselves?

While you can learn a lot about the markets by studying his infographics online, this book takes it a step further by explaining the timeless principles of technical analysis that measure the emotions and trends of the market. It illustrates how to trade price action and demystifies chart patterns with a common sense approach. It's important to realize that there's more to trading than memorizing patterns. It's critical that traders learn to manage their risk and their emotions for long term success, and Rolf does a great job of sharing these principles and making them applicable to technical chart analysis in all financial markets. Rolf set out to write the trading book he wished he had when he started his trading journey 15 years ago, and in the process, he created the book that every new trader will be thankful for

The lesson to be learned here is that you should not attempt to emulate a formula applied by any other successful trader, past or present.

Trading is a challenging domain. It requires a perfect balance of science and art to become a successful trader. It is, indeed, true that only about 5% of the traders end up being profitable and successful; however, what segregates successful traders from the unsuccessful ones is the attitude and passion for learning.

This, I will call the cross-sectional problem: At a given time in the market, the most successful traders are likely to be those that are best fit to the latest cycle. This does not happen too often with dentists or pianists—because these professions are more immune to randomness.

To become a successful trader, you have to be willing to make mistakes on a regular basis, without beating yourself up or becoming discouraged. If you make a mistake, take a quick small loss, and move on to the next trade.

A lazy trader always loses lots of money in the long run. You need to treat your trading like a job, and take it seriously. To be successful, you need to learn how to run your trading like a business.

Observation, experience, memory and mathematics -- these are what the successful trader must depend on.

If the end of a trend features a large candle with much higher volume than other recent bars, then watch out! You may be looking at a blowout (top or bottom). If so, the trend is likely to be over in the short term and may even reverse soon. Your chances of success in trading the “action” move are therefore lower, as a reversal is underway and the new trend is developing in the other direction.

Support and resistance levels are drawn as horizontal lines on the charts and should highlight prices that have been touched numerous times in the past. ​»​ The greater the number of times a price serves as a support or resistance, the greater its significance if that level is eventually broken.

It is a "known fact" that 95% of all private traders lose all their money in the first 12 months. Not true - at least not with completely random trading and one trade per day. You can see from the profit distribution that only about 55% lose money at all (the sum of the red bars with negative profit), while 45% end their trading period with a profit. Of course, they won't attribute their success to the bell curve, but to their trading skills.