Successful Trader Quotes

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Good habits are the basic tools that will determine whether you are a tortoise or hare in life!
Lucas Remmerswaal (13 Habits.com The tale of Tortoise Buffett and Trader Hare: Inspired by Warren Buffett)
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.
Frank Miller (Secrets On Reversal Trading: Master Reversal Techniques In Less Than 3 days)
Your mission as a trader is to filter only the very best trade setups, which is what successful traders often do.
Frank Miller (Secrets On Reversal Trading: Master Reversal Techniques In Less Than 3 days)
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.
Yvan Byeajee (Paradigm Shift: How to cultivate equanimity in the face of market uncertainty)
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.
Mark Douglas (Trading in the Zone: Master the Market with Confidence, Discipline, and a Winning Attitude)
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.
Nassim Nicholas Taleb (Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets)
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
Robin Hobb (The Mad Ship (Liveship Traders, #2))
A successful trader must learn to be a good loser before he can start winning.
Arian Adeli Koodehi (The Quantified Fortune: Learn the Essentials of Modern Finance)
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.
Alexander Elder (The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management (Wiley Trading))
But the fact is: The people who are really successful in trading are tremendously hard workers.
Jack D. Schwager (The Little Book of Market Wizards: Lessons from the Greatest Traders (Little Books. Big Profits))
The idea that trading success is tied to finding some specific ideal approach is misguided. There is no single correct methodology.
Jack D. Schwager (The Little Book of Market Wizards: Lessons from the Greatest Traders (Little Books. Big Profits))
Genuine acceptance that there will be losses on your way to market success will greatly decrease the hurt when they eventually come.
Yvan Byeajee (The essence of trading psychology in one skill)
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!
Yvan Byeajee (200 Money-making Trading Psychology Truths (Trading Easyread Series Book 1))
Indeed, I have found that confidence is one of the most consistent traits exhibited by the successful traders I have interviewed.
Jack D. Schwager (The Little Book of Market Wizards: Lessons from the Greatest Traders (Little Books. Big Profits))
Hire the successful trader, conditional on a solid track record, whose details you can understand the least.
Nassim Nicholas Taleb (Skin in the Game: The Hidden Asymmetries in Daily Life)
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.
Jesse Livermore
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.
Jack D. Schwager (Market Wizards: Interviews with Top Traders)
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.
Michael Lewis
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.
Jack D. Schwager (The New Market Wizards: Conversations with America's Top Traders (Wiley Trading Book 95))
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.
Jack D. Schwager (Market Wizards: Interviews with Top Traders)
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,
Jack D. Schwager (The New Market Wizards: Conversations with America's Top Traders (Wiley Trading Book 95))
Strive to enrich all lives, hearts and minds not just your own pockets
Rasheed Ogunlaru (Soul Trader)
Short-term trading is very time-consuming. That is why even “successful” short-term traders can easily have negative real ROI.
Robert Rolih (The Million Dollar Decision: Get Out of the Rigged Game of Investing and Add a Million to Your Net Worth)
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.
Jack D. Schwager (The New Market Wizards: Conversations with America's Top Traders)
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.
Edmund Burke
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.
Mark Minervini (Trade Like a Stock Market Wizard: How to Achieve Super Performance in Stocks in Any Market: How to Achieve Superperformance in Stocks in Any Market)
Long-term success in the stock market has nothing to do with hope or luck. Winning stock traders have rules and a well-thought-out plan. Conversely, losers lack rules, or if they have rules, they don’t stick to them for very long; they deviate.
Mark Minervini (Think & Trade Like a Champion: The Secrets, Rules & Blunt Truths of a Stock Market Wizard)
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)
Robin Hobb (Ship of Destiny (Liveship Traders, #3))
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.
Daniel Kahneman (Thinking, Fast and Slow)
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.
Aaron Brown (The Poker Face of Wall Street)
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.
Joe Coulombe (Becoming Trader Joe: How I Did Business My Way and Still Beat the Big Guys)
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
Robin Hobb (The Mad Ship (Liveship Traders, #2))
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.
Nassim Nicholas Taleb (Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets)
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
Joseph Henrich (The WEIRDest People in the World: How the West Became Psychologically Peculiar and Particularly Prosperous)
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.
Susan Cain (Quiet: The Power of Introverts in a World That Can't Stop Talking)
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.
Ray Dalio (Principles: Life and Work)
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.
Bill Bryson (Bill Bryson's African Diary)
If you live in New York City, for example, chances are you will not be going outside for a leisurely stroll down Fifth Avenue in shorts and a T-shirt and flip-flops in the month of February. Why is that? Because, if you’ve lived there for a while and experienced the local seasons, you’ve already identified that in February it will be pretty darn cold. To appropriately adapt, you will want to wear a heavy winter coat and maybe gloves and a scarf and earmuffs. It’s the same with the markets. You need to have “lived there for a while” and experienced a variety of market cycles so you know what “to wear,” or rather how to adapt, so that you are financially comfortable. Instead of knowing to wear a winter coat in February, you will know that in a choppy, sideways, bracketed market you need to adapt your system and rules so that you do not get whipsawed and stopped out a lot. Or you may need to recognize a bull market changing to a bear market so that you can exit your position in a timely fashion to lock in profits.
Bennett McDowell (Money Management for Traders: Essential Formulas and Custom Record Keeping Forms for Successful Trading (BEST BOOKS 4 TRADERS))
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.
Ben Mezrich (The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees)
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
Sheelah Kolhatkar (Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street)
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.
Nassim Nicholas Taleb (The Black Swan: The Impact of the Highly Improbable)
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
Oliver Bowden (Assassin's Creed: Brotherhood)
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
Adolf Hitler
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.
Stephanie E. Smallwood (Saltwater Slavery: A Middle Passage from Africa to American Diaspora)
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.
Simon A. Lack (Wall Street Potholes: Insights from Top Money Managers on Avoiding Dangerous Products)
Trading is a sport of survival, reinvention, and perseverance, even for the successful trader.
Mike Bellafiore (The PlayBook: An Inside Look at How to Think Like a Professional Trader)
Trading is not easy, and it takes years of conscientious practice to master the necessary skills. It also takes developing positive habits to succeed in trading. There is no shortcut to this, and no one should dream about getting rich overnight by stepping into the trading business.
Jody Samuels (The Trader's Pendulum: The 10 Habits of Highly Successful Traders (Wiley Trading))
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.
Joel Brenner (Glass Houses: Privacy, Secrecy, and Cyber Insecurity in a Transparent World)
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.
George S. Clason (The Richest Man in Babylon)
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.
Anonymous
Good traders tend to be hardworking and shrewd people, open to new ideas. The goal of a good trader, paradoxically, is not to make money. His goal is to trade well. If he trades right, money follows almost as an afterthought. Successful traders keep honing their skills as they try to reach their personal best.
Anonymous
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).
Giandomenico Majone (Rethinking the Union of Europe Post-Crisis: Has Integration Gone Too Far?)
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.
Alain de Botton (Status Anxiety (NON-FICTION))
A pro trader once told me that a pro’s job is to find the idiots willing to buy from him…
Meir Barak (A New Approach to Stock Trading: The Guide to Success and Economic Empowerment)
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.
Meir Barak (A New Approach to Stock Trading: The Guide to Success and Economic Empowerment)
Trefis.com
Tom K. Lloyd (Successful Stock Signals for Traders and Portfolio Managers: Integrating Technical Analysis with Fundamentals to Improve Performance (Wiley Trading))
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.
Mark Douglas (Trading in the Zone: Master the Market with Confidence, Discipline, and a Winning Attitude)
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.
Matthew R. Kratter (The Little Black Book of Stock Market Secrets)
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.
Matthew R. Kratter (The Little Black Book of Stock Market Secrets)
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.
Troy Noonan (Day Trading QuickStart Guide: The Simplified Beginner's Guide to Winning Trade Plans, Conquering the Markets, and Becoming a Successful Day Trader (Trading & Investing - QuickStart Guides))
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.
Troy Noonan (Day Trading QuickStart Guide: The Simplified Beginner's Guide to Winning Trade Plans, Conquering the Markets, and Becoming a Successful Day Trader (Trading & Investing - QuickStart Guides))
The arch-capitalist began his working life as a bond trader at Greedspin in New York in the 1960s. He rose to become one of the firm’s most successful M& A advisers during the 1980s and 1990s. His role in the disastrous merger of General Chocolate and ByteBack in 2000 led to his departure in 2004, following an official investigation into irregular practices. “I have no regrets about that deal. For General Chocolate, it was a case of either eat or be eaten.” The sommelier arrives with the red wine, quickly followed by the main course. Churn impales his meat, cuts it into squares and dispatches it to his molars. His songbird side order–a dish which is now banned in the EU on animal rights grounds–is skewered and consumed, beak-to-tail, in a single mouthful. “Do you know, they drown it alive in Armangac!” he exclaims as he noisily munches through the bones. Establishing a pattern which was to be repeated, Churn bounced back from the General Chocolate fiasco in a new guise. In 2005, he re-emerged as the Chairman of RearView Capital Partners, the private equity firm, at a time when huge sums were raised and invested at the peak of the credit bubble. “I have always tried to find the hot areas of the market where I can facilitate the flow of money. In our business, flows mean fees. It’s really very simple.
Edward Chancellor (Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15)
To be someone or to do something, which would I choose?* A man occasionally reaches a fork in life’s path. One road leads to doing something, to making an impact on his organization and his world. To being true to his values and vision, and standing with the other men who’ve helped build that vision. He will have to trust himself when all men doubt him, and as a reward, he will have the scorn of his professional circle heaped on his head. He will not be favored by his superiors, nor win the polite praise of his conformist peers. But maybe, just maybe, he has the chance to be right, and create something of lasting value that will transcend the consensus mediocrity inherent in any organization, even supposedly disruptive ones. The other road leads to being someone. He will receive the plum products, the facile praise afforded to the organization man who checks off the canonical list of petty virtues that define moral worth in his world. He will receive the applause of his peers, though it will be striking how rarely that traffic in official praise leads to actual products anybody remembers, much less advances the overall cause of the organization. I certainly had options. I can’t say I didn’t. I had outs, and could have walked away from FBX. All I had to do was shut up, keep my head down, go through the motions with whatever shitty product was handed to me after FBX, and read along from the Facebook script about how to be a proper product manager. I might even resurrect my career if one of those products was “successful.” In the rapidly ossifying Facebook culture, one could get along simply by going along. Plus, there were real stakes on the line. Consider the number of shares and the fact that at the time of this writing, in December 2015, Facebook is worth almost four times what it was when I struck my AdGrok deal. I had two children, whose mother’s nine-to-five corporate job provided for them, though just barely. Her London trader heyday was long gone, and now her salary was that of your standard-issue MBA inside the corporate machine. I contributed a slab of cash every month, per California support guidelines, but it would be my Facebook stock vesting yet to come that would pay for private high schools and Stanford, so Zoë and Noah wouldn’t have to sneak into this country’s elite through the back door from cattle class, as I had to do.
Antonio García Martínez (Chaos Monkeys: Obscene Fortune and Random Failure in Silicon Valley)
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.
Dr. Block (The Ballad of Winston the Wandering Trader, Book 10 (The Ballad of Winston #10))
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.
MCX Bazaar
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.
James Emanuel (Success in the Stock Market: See the world through the eyes of a professional stock market investor)
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.
auinvestmenteducation
You want a broker with sufficient clout within his or her firm to provide you with access to analysts and traders, one with experience to handle your account properly and to know when to call you and when not to waste your time. You don’t want a totally inexperienced broker who is learning at your expense, a complacent broker satisfied with mediocre results, or one so successful that your account is relatively unimportant.
Seth A. Klarman (Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor)
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.
Edward M. Hallowell (ADHD 2.0 : New Science and Essential Strategies for Thriving with Distraction—From Childhood Through Adulthood)
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.
Joe Coulombe (Becoming Trader Joe: How I Did Business My Way and Still Beat the Big Guys)
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.
Joe Coulombe (Becoming Trader Joe: How I Did Business My Way and Still Beat the Big Guys)
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.
Joe Coulombe (Becoming Trader Joe: How I Did Business My Way and Still Beat the Big Guys)
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.
Joe Coulombe (Becoming Trader Joe: How I Did Business My Way and Still Beat the Big Guys)
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.
Joe Coulombe (Becoming Trader Joe: How I Did Business My Way and Still Beat the Big Guys)
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.
Joe Coulombe (Becoming Trader Joe: How I Did Business My Way and Still Beat the Big Guys)
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.
Joe Coulombe (Becoming Trader Joe: How I Did Business My Way and Still Beat the Big Guys)
Observation, experience, memory and mathematics -- these are what the successful trader must depend on.
Edwin Lefèvre (Reminiscences of a Stock Operator)
We remember reading in 1916, when U. S. Steel sold up around $136 a share, a prediction that it was going to sell up to $1000 a share. Probably many people who read such news items consider them seriously. Of course, that was a most exaggerated prediction, but during the extreme activity of a bull market, it seems that nearly everybody is talking in exaggerated terms of optimism. That is why most traders seldom ever take their profits in a bull market. They wait until stock prices start to come down, and then they are likely to think there will be rallies, and keep on waiting until they lose all their profits.
John James Butler (Successful Stock Speculation)
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.
Johann Christian Lotter (The Black Book of Financial Hacking: Developing Algorithmic Strategies for Forex, Options, Stocks)
So, then, what is day trading? In reality, day trading is a profession, very much like medicine, law and engineering. Day trading requires the right tools and software, education, patience and practice. In order to learn how to trade with real money, you will have to dedicate countless hours to reading about trading styles, observing experienced traders, and practicing in simulator accounts. An average successful day trader can make between $500 and $1,000 every day. That’s equal to $10,000 to $20,000 a month (based on about twenty trading days in a month), and that equals some $120,000 to $240,000 a year. Why would anyone expect a job that pays this well to be easy? Doctors, attorneys, engineers and many other professionals go through years of school, practice, hard work and examinations to earn a similar income. Why should day trading be any different?
AMS Publishing Group (Intelligent Stock Market Trading and Investment: Quick and Easy Guide to Stock Market Investment for Absolute Beginners)
Remembering successful trades will help you spot and execute only successful setups and boost your confidence as a trader. This will fill your mind with nothing but winning trades with minimal risk and maximum gain.
Joachim Shilongo (Trading Nasdaq from Memory: "The markets are very easy if you have photographic memory")
Coates and his new colleagues examined a group of financial traders working on a London trading floor, asking each one to identify the successive moments when he felt his heart beat—a measure of the individual’s sensitivity to bodily signals. The traders, they found, were much better at this task than were an age- and gender-matched group of controls who did not work in finance. What’s more, among the traders themselves, those who were the most accurate in detecting the timing of their heartbeats made more money, and tended to have longer tenures in what was a notably volatile line of work. “Our results suggest that signals from the body—the gut feelings of financial lore—contribute to success in the markets,” the team concluded. Confirming Coates’s informal observations, those who thrived in this milieu were not necessarily people with greater education or intellect, but rather “people with greater sensitivity to interoceptive signals.
Annie Murphy Paul (The Extended Mind: The Power of Thinking Outside the Brain)
What motivated it? How was the trade managed? Was it successful? Why? Did you lose? Why? Write down your assessment and refer to your comments before making your next trade.
Mark Douglas (The Disciplined Trader: Developing Winning Attitudes)
Research has shown that the winners in any endeavor think, feel, and act differently than those who lose. If you want to know if you have the self-discipline of a winner, try right now, starting today, to stop a habit that has challenged you in the past. If you have always wanted to be in better physical shape, try adding exercises such as running into your routine, and also take control of your salt and sugar intake. If you drink too much alcohol or coffee, try to see if for one month you can stay away from them. These are excellent tests to see if you are emotionally and intellectually strong enough or not to discipline yourself in the face of a losing trade. I am not saying that if you drink coffee or alcohol, or that if you are not a regular runner, you cannot become a successful trader, but if you make a try at these types of improvements and fail, then you should know that exercising self-control in trading will not be any easier to accomplish. Change is hard, but if you wish to be a successful trader, you need to work on changing and developing your personality at every level. Working hard at it is the only way to sustain the changes you need to make. The measure of intelligence is not in IQ tests or how to make money, but it is in the ability to change. As Oprah Winfrey, the American talk show host and philanthropist once said, the greatest discovery of all time is that a person can change their future by merely changing their attitude.
AMS Publishing Group (Intelligent Stock Market Trading and Investment: Quick and Easy Guide to Stock Market Investment for Absolute Beginners)
In more than one way, Sheldon Lloyd embodied most of the aspects of the financial world that Benjamin abhorred. For Sheldon, as for most people, money was a means to an end. He spent it. Bought things. Houses, vehicles, animals, paintings. Talked loudly about them. Traveled and threw parties. Wore his wealth on his body his skin smelled different every day; his shirts were not pressed but new; his coats shone almost as much as his hair. He brimmed with that most conventional and embarrassing of qualities- "taste." Rask would look at him, thinking only an employee would spend the money someone else gave to him in such a fashion: looking for relief and freedom. It was precisely because of Sheldon Lloyd's frivolity that Benjamin found him useful. His assistant was a shrewd trader, yes, but Rask also understood that he personified the stereotype of what many of his clients and fleeting associates considered to be "a success.
Hernan Diaz (Trust)
Identifying Market Direction Market direction, popularly known as “trend” in trading, is one of the most important concepts that you must follow for you to succeed in this industry. Just like you should sell at resistance zones and buy at support areas, you should always trade along the main market direction. You cannot be trying to sell when the majority of traders and the big players are pushing the market up. There is a common phrase that you will hear traders throwing around; that the trend is your best friend. Many traders hear about this concept, but they fail since they do not understand how to identify the main trend. Luckily for you, this guide will show you the best way to do it. Now, in the market, there are things known as peaks and troughs. The peaks are the highest points that you can see the market reaching before turning back. Troughs are the lowest points that the market reaches before going back up. Both of these are minor support and resistance points. If you connect the points using straight lines, you will end up with a zigzag formation. Peaks and troughs Uptrend When the peaks are formed in higher succession, we say the market is in an uptrend. If a new peak is formed higher than the previous one, we call it a higher-high. During an uptrend, the troughs are also formed in higher succession. In short, each new trough is positioned higher than the previous one. When this happens, we say a higher-low has been formed. Collectively, when a market is forming higher Highs and higher Lows concurrently, then an uptrend is formed. During this time, you should only look for buy trades. Downtrend A downtrend happens when the market starts making lower peaks and lower troughs in succession. In short, when a trough is formed lower than the previous one, we have a descending zigzag direction that we call a downtrend. During a downtrend market direction, lower Highs and lower Lows are formed. In a downtrend, you should only be looking for sell trades.
Mark Swing (Trading Strategies: Day Trading + Swing Trading. A Beginner's Guide to Trading with Easy and Replicable Strategies to Maximize Your Profit. How to Use Tools, Techniques, Risk Management, and Mindset)
30th. No trade yet; but our Traders came on board to-day and informed us the people had burnt four towns, so that to-morrow we expect Slaves off. “31st. Fair weather, but no trade yet; we see each night towns burning, but we hear the Sestro men are many of them killed by the inland Negroes, so that we fear this war will be unsuccessful. “The 2d of January. Last night we saw a prodigious fire break out about eleven o’clock, and this morning saw the town of Sestro burnt down to the ground, (it contained some hundred houses) so that we find their enemies are too hard for them at present; consequently our trade spoiled here, so that about seven o’clock we weighed anchor, as did also the three other vessels, to proceed lower down.” Here follows another relation taken from an original Journal of a Surgeon who sailed out of New-York, “Being on the Coast of Guinea at a place called Basalia, the Commander of the vessel, according to custom, sent a person on shore, with a present to the King, acquainting him with his arrival, and informing him they wanted a cargo of Slaves. The King promised to furnish them, and in order to do it, set out to war against his enemies; designing also to surprise some town, and take all the people prisoners: Some time after, the King sent them word, he had not yet met with the desired success, having been twice repulsed in attempting to break up two towns; but that he still hoped to procure a number of Slaves for them, and in this design persisted,
James Swan (A dissuasion to Great-Britain and the colonies, from the slave trade to Africa: Confronting the Legacy of Inhumane Exploitation)
Antrich wasn’t looking for a new trading technique when he first met with Tom Nesmith. He just wanted information. There was one critical piece missing in Koch Energy Trading’s intelligence network. Koch Industries didn’t own any power plants, so it didn’t have access to the kind of inside information that made its energy trading desks so successful. Antrich was on a quest for such information, and he tried to get it by forming information-sharing systems with utility companies that owned the plants. Antrich approached one such utility outside California: Public Service Company of New Mexico, or PNM, as most people called it. The company owned a power plant in Arizona that sold electricity into California. This meant that PNM could sell into the coveted ISO market. Antrich wanted PNM to sign a deal that would give Koch’s traders access to PNM’s inside information, such as information on plant outages, its own weather forecasts, and other data that could give Koch a head start on responding to changes in the market. In return, PNM would get access to Koch’s trading analysis, its secret in-house weather projections, and its forecasts on natural gas markets, among other things.
Christopher Leonard (Kochland: The Secret History of Koch Industries and Corporate Power in America)
Free Trader's success depends on many things, luck being well to the fore among those. So luck had been with us here, good as well as bad. But the firm base of any Trader's efficiency is knowledge, not specialized as a tech must have, but wide—ranging from the legends of desert rovers on one planet to the habits of ocean plants on another. We listened, we kept records, we went with open minds and very open ears wherever we planeted, or when we exchanged news with others of our kind.
Andre Norton (Moonsinger (Moonsinger combo volumes Book 1))
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.
Rosanne Bittner (Capture My Heart: prequel to A Warrior's Promise)
Being a successful stock trader is as much about having a good strategy as it is about doing great research or having great insight. People should understand that they are not Wall Street analysts.
Ex (Simple Stock Trading Formulas: How to Make Money Trading Stocks)
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.
Holly Burns (Calm Trader: Win in the Stock Market without Losing Your Mind)
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.
Holly Burns (Calm Trader: Win in the Stock Market without Losing Your Mind)
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.
Ashu Dutt (Trading The Markets For A Living)
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.
Ramesh Selvarajoo (Trade Forex with Confidence: The 10/20/30 Rule for Unconventional Success)
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.
Michael Pye (The Edge of the World: A Cultural History of the North Sea and the Transformation of Europe)
the only three things preventing success are focus, motivation, and simply showing up,
Don Miller (Chronicles of a Million Dollar Trader: My Road, Valleys, and Peaks to Final Trading Victory)
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.
Richard White (The Republic for Which It Stands: The United States during Reconstruction and the Gilded Age, 1865-1896 (Oxford History of the United States))
you wish to be a successful trader, you need to work on changing and developing your personality at every level.
AMS Publishing Group (Intelligent Stock Market Trading and Investment: Quick and Easy Guide to Stock Market Investment for Absolute Beginners)
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.
AMS Publishing Group (Intelligent Stock Market Trading and Investment: Quick and Easy Guide to Stock Market Investment for Absolute Beginners)