Top Traders Quotes

Being wrong is acceptable, but staying wrong is totally unacceptable.

Michael Jordan didn’t become a great basketball player because he wanted to do product endorsements. Van Gogh didn’t become a great painter because he dreamed that one day his paintings would sell for $50 million.

Make the calls. Maybe they won’t talk to you, but I guarantee that if you don’t call, they won’t talk to you.

Actually, the best traders have no ego.

You just stay focused on what you have to do. Exactly.

If instead of saying, “I’m going to do this trade,” you say, “I’m going to watch myself do this trade,” all of a sudden you find that the process is a lot easier.

Either go at it full force or don’t go at it at all. Don’t dabble.

Dean did not want to see anyone right now, but if he had to make a list of people he did want to see when he did not want to see anyone. Jack would be top of it.

hold on to your winners and cut your losers.

If you don’t stay with your winners, you are not going to be able to pay for the losers.

You don’t want to have a position before a move has started. You want to wait until the move is already under way before you get into the market.

It is impossible to consistently outperform the market by using any information that the market already knows.

One of my rules was to get out when the volatility and the momentum became absolutely insane.

Can you give me an example of how the lack of real world experience would hurt the researcher?

traders shouldn’t stick their heads in the sand and just hope it gets better.

When I see a picture like the 1861 cotton market, I ask myself, “What caused that? Why did that happen?” Then I try to figure it out. From that, you learn an enormous amount. In

Another way to determine the direction of the general market is to focus on how the leading stocks are performing. If the stocks that have been leading the bull market start breaking down, that is a major sign the market has topped. Another important factor to watch is the Federal Reserve discount rate. Usually, after the Fed raises the rate two or three times, the market runs into trouble.

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 figured out that for every dollar I made trading, 30 percent was going to the government, 30 percent was going to support my planes, and 20 percent was going to support my real estate. So I finally decided to sell everything.

Last call. It was about that time. He’d probably been drinking liquid courage all night, waiting for his chance to hit on her. I had little choice in assuming he was a three-time loser with a wad-of-cash to wave around and a bozo smile to boot. About to prate his many accomplishments as a man of the world and his travels among the world’s top markets.

My goal on Wall Street was never to get rich but to stay in business. There’s a big difference. If you’re out of the business, you can never get rich. That’s why you have to be especially cautious when you’re trading a larger position size.

One of my favorite patterns is the tendency for the markets to move from relative lows to relative highs and vice versa every two to four days. This pattern is a function of human behavior. It takes several days of a market rallying before it looks really good. That’s when everyone wants to buy it, and that’s the time when the professionals, like myself, are selling. Conversely, when the market has been down for a few days, and everyone is bearish, that’s the time I like to be buying.

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.

Charting is a little like surfing. You don’t have to know a lot about the physics of tides, resonance, and fluid dynamics in order to catch a good wave. You just have to be able to sense when it’s happening and then have the drive to act at the right time.

The worst thing that can happen to you in the markets is being right and still losing money. That’s the danger in buying on rallies and selling on breaks these days.

Psychologists have done tests about how humans approach problem solving and found that we are somehow preprogrammed to look for confirmation and not for disconfirmation.

Those who want to win and lack skill can get someone with skill to help them. I

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,

Hm,” she said, gaze descending slowly from the top of my head to my feet with the cold scrutiny of a slave trader at auction. “Well. Shall we get started?

Excessive worrying about taxes usually leads to unsound investments in the hope of achieving a tax shelter.

I am always thinking about losing money as opposed to making money.

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.

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.

Undertrade, undertrade, undertrade is my second piece of advice. Whatever you think your position ought to be, cut it at least in half. My experience with novice traders is that they trade three to five times too big.

What can a losing trader do to transform himself into a winning trader? A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to transform himself. That’s the kind of thing winning traders do.

Now it’s no longer sufficient to assume that because you trade with the trend, you’ll make money. Of course, you still need to be with the trend, because it puts the percentages in your favor, but you also have to pay a lot more attention to where you’re getting in and out.

I find that major trends are now frequently preceded by a sharp price change in the opposite direction. I still make my judgments as to probable price trends based on overall market action, as I always did. However, with a few exceptions, I now buy on breaks and sell on rallies.

Like fifty million other losers, Anthony was caught up in the game, his misfortune temporarily at bay, his yearning merging with the great national aspiration. From stock traders to kids in Bobigny to Patrick Bruel and José Bové, everyone was on the same page, and it didn't matter whether you were in Paris or Heillange. From the top to the bottom of the pay scale, from the boonies to La Défense, the country was cheering in unison. Basically, the thing was simple. Just do like they do in America: think your country is the best in the world and revel in that forever.

Clef scratched his nose and then stirred the pot. “ ‘see bad luck?” “Is he had luck,” Brashen corrected him wearily. “No. He just had bad luck, from the very beginning. When you have bad luck, and then heap your own mistakes on top of it, sometimes you can feel like you’ll never get out from under it.

Pham Nuwen spent years learning to program/explore. Programming went back to the beginning of time. It was a little like the midden out back of his father’s castle. Where the creek had worn that away, ten meters down, there were the crumpled hulks of machines—flying machines, the peasants said—from the great days of Canberra’s original colonial era. But the castle midden was clean and fresh compared to what lay within the Reprise’s local net. There were programs here that had been written five thousand years ago, before Humankind ever left Earth. The wonder of it—the horror of it, Sura said—was that unlike the useless wrecks of Canberra’s past, these programs still worked! And via a million million circuitous threads of inheritance, many of the oldest programs still ran in the bowels of the Qeng Ho system. Take the Traders’ method of timekeeping. The frame corrections were incredibly complex—and down at the very bottom of it was a little program that ran a counter. Second by second, the Qeng Ho counted from the instant that a human had first set foot on Old Earth’s moon. But if you looked at it still more closely. . .the starting instant was actually some hundred million seconds later, the 0-second of one of Humankind’s first computer operating systems. So behind all the top-level interfaces was layer under layer of support. Some of that software had been designed for wildly different situations. Every so often, the inconsistencies caused fatal accidents. Despite the romance of spaceflight, the most common accidents were simply caused by ancient, misused programs finally getting their revenge. “We should rewrite it all,” said Pham. “It’s been done,” said Sura, not looking up. She was preparing to go off-Watch, and had spent the last four days trying to root a problem out of the coldsleep automation. “It’s been tried,” corrected Bret, just back from the freezers. “But even the top levels of fleet system code are enormous. You and a thousand of your friends would have to work for a century or so to reproduce it.” Trinli grinned evilly. “And guess what—even if you did, by the time you finished, you’d have your own set of inconsistencies. And you still wouldn’t be consistent with all the applications that might be needed now and then.” Sura gave up on her debugging for the moment. “The word for all this is ‘mature programming environment.’ Basically, when hardware performance has been pushed to its final limit, and programmers have had several centuries to code, you reach a point where there is far more signicant code than can be rationalized. The best you can do is understand the overall layering, and know how to search for the oddball tool that may come in handy—take the situation I have here.” She waved at the dependency chart she had been working on. “We are low on working fluid for the coffins. Like a million other things, there was none for sale on dear old Canberra. Well, the obvious thing is to move the coffins near the aft hull, and cool by direct radiation. We don’t have the proper equipment to support this—so lately, I’ve been doing my share of archeology. It seems that five hundred years ago, a similar thing happened after an in-system war at Torma. They hacked together a temperature maintenance package that is precisely what we need.” “Almost precisely.

About every two generations—roughly every forty-seven to sixty years—there’s a deflationary market. For example, in respect to the commodity markets, we’re currently in a deflationary phase that began in 1980. Over the past two hundred years, these deflationary phases have typically lasted between eight and twelve years. Since we’re currently in the twelfth year of commodity price deflation, I think we’re very close to a major bottom in commodity prices.

One of the jobs of a good trader is to imagine alternative scenarios. I try to form many different mental pictures of what the world should be like and wait for one of them to be confirmed. You keep trying them on one at a time. Inevitably, most of these pictures will turn out to be wrong—that is, only a few elements of the picture may prove correct. But then, all of a sudden, you will find that in one picture, nine out of ten elements click. That scenario then becomes your image of the world reality.

Buy Verified MEXC Accounts The first potential benefit is the ability to choose from a large pool of cryptocurrency assets which can be added to an investor’s asset pool. Also, MEXC Global has relatively low trading fees hence is preferred by new traders as they do not need extensive navigation space. We are Online 24 Hours to Serve You. Mail I’d: BestGMB.Co@Gmail.Com WhatsApp: +447366274355 Telegram: @BestGMB Skype: BestGMB We accept payment methods Only Bitcoin(BTC), USDT, ETH, WISE, LTC, BNB, All Crypto And For Urgent Payment PayPal(F&F), Cash App, Skrill, Master Card/Bank Transfer etc.

The winter of 1789 was the hardest within living memory. No one, not even the old people of the district, had ever known anything like it. The cold weather set in early, and, coming on top of a bad harvest, led to great distress among the tenant farmers and the peasants. We were hard hit at the foundry too, for conditions on the road became impossible, what with frost and ice, and then snow; and we were unable to deliver our goods to Paris and the other big cities. This meant that we were left with unsold merchandise on our hands, and little prospect of getting rid of it in the spring, for in the meantime the traders in Paris would be buying elsewhere—if, that is, they ordered at all. There was a general drop in demand for luxury commodities at this time, owing to the unrest throughout the country.

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

[(+1<8>(8<8>4)0(7)7^9^9^1)]Which Trezor Wallet Is Best? Choosing the best Trezor wallet depends on your security needs, cryptocurrency portfolio, and budget. Trezor offers different models with varying features to cater to both beginners and advanced users. Here’s a comparison of the top Trezor hardware wallets to help you decide which one suits you best. 1. Trezor Model One – Best for Beginners[(+1<8>(8<8>4)0(7)7^9^9^1)] Affordable & Secure – A cost-effective choice for those new to crypto. Supports 1,000+ Cryptocurrencies – Bitcoin, Ethereum, and many others. Easy to Use – Simple setup and intuitive interface for hassle-free transactions. PIN & Passphrase Protection – Keeps your assets safe from unauthorized access. Ideal for: First-time users who want a secure yet budget-friendly hardware wallet. 2. Trezor Model T – Best for Advanced Users[(+1<8>(8<8>4)0(7)7^9^9^1)] Full-Color Touchscreen – Provides a seamless and user-friendly experience. Expanded Crypto Support – Compatible with a broader range of digital assets. Enhanced Security Features – Includes Shamir Backup for extra protection. Premium Build Quality – Designed for professional traders and long-term investors. Ideal for: Experienced users looking for advanced security and convenience. 3. Trezor Safe 3 – Best for Maximum Security[(+1<8>(8<8>4)0(7)7^9^9^1)] Improved Security Architecture – Next-level protection against attacks. Passphrase Encryption – Adds an extra layer of security for private keys. Modern Design & Durability – Built with premium materials for long-term use. Seamless Trezor Suite Integration – Manage your crypto assets efficiently. Ideal for: Users who prioritize ultimate security and asset protection. Which Trezor Wallet Should You Choose?[(+1<8>(8<8>4)0(7)7^9^9^1)] For beginners → Trezor Model One (budget-friendly & easy to use). For advanced users → Trezor Model T (touchscreen & extra security). For maximum protection → Trezor Safe 3 (strongest security features). Need help selecting the right Trezor wallet? Call[(+1<8>(8<8>4)0(7)7^9^9^1)] for expert guidance.

Vegan Chocolate Cupcake A chocolate cupcake with a soy milk base and organic chocolate frosting. 1 cup soy milk 1 teaspoon apple cider vinegar ⅔ cup agave nectar ⅓ cup canola oil 1 teaspoon vanilla extract ½ teaspoon almond extract 1 cup all-purpose organic flour ⅓ cup cocoa powder, unsweetened ¾ teaspoon baking soda ½ teaspoon baking powder ¼ teaspoon salt Preheat oven to 350. Whisk together soy milk and vinegar in a large bowl and set aside until it curdles. Add the agave nectar, oil, vanilla extract, and almond extract to the soy milk mixture and beat until foamy. In another bowl, sift together the flour, cocoa powder, baking soda, baking powder, and salt. Add to the wet ingredients and beat until no lumps remain. Pour into cupcake liners until they are ¾ of the way full. Bake 18–20 minutes until a knife inserted comes out clean. Cool on wire racks. Vegan Chocolate Frosting 1 cup cocoa powder, unsweetened ¾ cup organic margarine, softened 1 teaspoon vanilla 1 cup agave nectar In a small bowl, mix together the cocoa powder, margarine, vanilla, and agave nectar. Beat until it is smooth. Spread on top of cupcake with a rubber spatula. Vegan Vanilla Cupcake A vanilla cupcake with a soy milk base and an organic vanilla frosting. 1 cup vanilla soy milk 1 teaspoon apple cider vinegar ⅔ cup agave nectar ⅓ cup canola oil 2 teaspoons vanilla extract 1 cup all-purpose organic flour ¾ teaspoon baking soda ½ teaspoon baking powder ¼ teaspoon salt Preheat oven to 350. Whisk together soy milk and vinegar in a large bowl and set aside until it curdles. Add the agave nectar, oil, and vanilla extract to the soy milk mixture and beat with an electric mixer until foamy. In another bowl, sift together the flour, baking soda, baking powder, and salt. Add to the wet ingredients and beat until no lumps remain. Pour into cupcake liners until they are ⅔ of the way full. Bake 18–20 minutes until a knife inserted comes out clean. Cool on wire racks. Vegan Vanilla Frosting 6 tablespoons vanilla soy milk 2 tablespoons Trader Joe’s Vanilla Bean Paste ¼ cup organic margarine 1 16-ounce package organic powdered sugar, sifted In a small bowl, mix together soy milk, vanilla bean paste, and margarine. Slowly beat in the sugar until frosting is smooth. Spread on top of cupcake with a rubber spatula.

Buy Revolut Account Searching for trusted place to buy Verified Revolut account? Stop searching, you have reached the right place. We offer PVA Revolut accounts that are number, email, SSN, passport, driving license, photo ID card and other document verified. BestGMB offers 100% placement guaranteed and money back guarantee to buy verified Revolut account from us. We both have a personal and business organization account that are relatively cheap to own from Revolut. So Order Now From This Page. We are Online 24 Hours to Serve You. Mail I’d: BestGMB.Co@Gmail.Com WhatsApp: +447366274355 Telegram: @BestGMB Skype: BestGMB Buy Verified Revolut Account Introduction Revolut is a UK bank with offices in London, Milan and New York. The company was founded in 2015 by former Goldman Sachs trader Nikolai Kotare and CEO Vlad Yatsenko. It offers a mobile app that allows people to manage their money on the go, as well as letting them pay bills using their phones and send money to family members around the world. But what exactly does a Revolut account do? And how can you use it? Read on for all the answers! What is a Revolut account? A Revolut account is a digital bank that allows you to save money, send money to other people and pay for things. Buy Verified Revolut Account It’s like any other bank account, but it works in the cloud (in theory). Buy Verified Revolut Account. You can use your card at over 120 million places worldwide including stores and restaurants; online services such as Apple Pay; and even to pay bills. Why Buy Verified Revolut Account From Us? Features of Verified Revolut Account: Fully Ready Revolut Account Bank Verified & Card Verified SSN Confirmed Residential Address Confirmed Documents Passports Driving License Bank Statement Proof of Address Best Place to Buy verified Revolut Account However, getting a verified account is not easy since it entails going through a series of verifications and may also limit one to his or her country of origin. This has resulted in a publics call for buy verified Revolut account from genuine service providers. In this article, we will discuss how useful it is to have a verified Revolut account, how difficult it is and why you should buy one on BestGMB. Right Provider for Real Revolut Accounts When buy verified Revolut account, choosing the right provider is essential to ensure security and authenticity: Criteria for Selecting a Reliable Provider: Make sure that the providers are reputable, they should have good customer reviews and a record of providing good accounts. It should also allow payment for the services in a safe and secure manner together with clear policies and guidelines stating the terms of service. Importance of Account Security and Authenticity: It is equally important for a provider to be responsible for providing accredited accounts which are in line with Revolut policy in order for the account not to be put on hold or closed. How to Buy Real and Active Revolut Accounts buy verified Revolut account from BestGMB is straightforward: Visit the Provider’s Website: The verified Revolut accounts can be found on the provider’s website, it is recommended to begin with those ones. Choose Your Account: Choose the account type most suitable for the needs, and it is necessary to pay attention to the country of registration and other options. Complete the Purchase: Make your payment using the secure modes provided by the provider when making the order. Such methods may include credit cards, PayPal, or use of cryptocurrencies such as bitcoin. A

This is also a good lesson in patience. A new investor or trader usually lacks patience and has the tendency to want to jump in, fearful of missing out on an advance. Don’t make that mistake. Wait for the confirmation. Buy at the bottom, not at the top. And, always use a Stop Loss to protect your capital. “Nothing gives one person so much advantage over another as to remain cool and unruffled under all circumstances” ~Thomas Jefferson

Plantation owners were at the top of the social pyramid. Their “semi feudal model required a vast and permanent underclass to play the role of serfs on whose toil the entire system depended.”12 When the number of white indentured servants dried up in the 1680s, slave traders offered a solution: an abundant supply of African slaves. Since slavery was not yet legalized, the colonies enacted laws limiting the rights of Blacks. Among the first was a 1639 decree that “‘all persons except Negroes’ were to get arms and ammunition— probably to fight off Indians.”13 Before the legalization of slavery, indentured whites and Blacks had similar rights, although Blacks tended to be punished more harshly.

As the group climbed the stairs, the villager woman stomped her foot on the stone floor. It echoed in the large room. “Get back down here!” Her words had no effect and soon the group had climbed to the top of the stairs and turned left.

I learned that if you shoot for what you want, you stand a much better chance of getting it because you care much more.

The best trades are the ones in which you have all three things going for you: fundamentals, technicals, and market tone.

The next thing I would advise is to always use stops.

The first thing I would say is always bet less than 5 percent of your money on any one idea.

Another thing is that if a position doesn’t feel right as soon as you put it on, don’t be embarrassed to change your mind and get right out.

Perhaps the most important rule is to hold on to your winners and cut your losers. Both are equally important. If you don’t stay with your winners, you are not going to be able to pay for the losers.

When the news is wonderful and a market can’t go up, then you want to be sure to be short.

Albert Einstein said that the single most important question is whether the universe is friendly. I think it is important for everybody to come to a point where they feel inside that the universe is friendly.

So you like seeing a high EPS with a low P/E. Yes. That’s the best combination. I am sure there is a way of combining the two on a computer and coming up with a very good system.

there is probably no class of trades with a higher failure rate than impulsive (not to be confused with intuitive) trades.

You have to be willing to make mistakes regularly; there is nothing wrong with it.

Unlike some other gurus, he doesn’t believe he is predicting the future; he is simply observing what is happening and making rational bets.

Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose per contract. If the meaningful stop point implies an uncomfortably large loss per contract, trade a smaller number of contracts.

The first rule of trading—there are probably many first rules—is don’t get caught in a situation in which you can lose a great deal of money for reasons you don’t understand.

Whenever I enter a position, I have a predetermined stop.

I would say that risk management is the most important thing to be well understood.

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.

Clef scratched his nose and then stirred the pot. “ ‘zee bad luck?” “Is he had luck,” Brashen corrected him wearily. “No. He just had bad luck, from the very beginning. When you have bad luck, and then heap your own mistakes on top of it, sometimes you can feel like you’ll never get out from under it.

Last night, when he had been showing her how to refasten the bowline, she had feigned incompetence at the simple knot. It was a schoolgirl’s trick, but the poor, honest man had been completely deceived. He’d stood behind her, with her in the circle of his arms and take her hands to guide them through the easy motions. Heat had flushed through her, and her knees had actually trembled at his closeness. A wave of dizziness had washed through her; she had wanted to collapse on the deck and pull him down on top of her. She’d gone still in his loose embrace, praying to every god she’d ever heard of that he would know what she so hotly desired and act on it. This, this was what she was supposed to feel about the man she was joined to, and had never felt at all! “Do you understand it now?” he’d asked her huskily. His hands on hers pulled the knot firm. “I do,” she’d replied. “I understand it completely now.” She hadn’t been speaking of knots at all. She’d dared herself to take half a step backward and press her body to his. She dared herself to turn in the circle of his arms and look up into his whiskery beloved face. Cowardice paralyzed her. She could not even form words. For a time that was infinitely brief and forever, he stood there, enclosing her in a warm, safe place. All around her, the night sounds of the Rain Wilds made a soft music of water and bird and insect calls. She could smell him, a male musky smell, “sweaty” as Sedric would have mocked it, but incredibly masculine and attractive to her. Enclosed by his embrace, she felt a part of his world. The deck under her feet, the railing of the ship, the night sky above her, and the man at her back connected her to something big and wonderful, something that was untamed and yet home to her. Then he had dropped his arms and stepped back from her. The night was warm and muggy, the insects chirred and buzzed, and she heard the night call of a gnat-chaser. But it had all seemed separate from her then. Last night, as now, she knew herself for the mousy, scholarly little Bingtown woman she undoubtedly was. She’d sold herself to Hest, prostituted out her ability to bear a child for the security and position that he had offered. She’d made the deal and signed on it. A Trader was only as good as his word, so the saying went. She’d given her word. What was it worth? Even if she took it back now, even if she broke it faithlessly, she’d still be a mousy, little Bingtown woman, not what she longed to be. She could scarcely bear to consider what she longed to be, not only because it was so far beyond her but because it seemed a childishly extravagant dream. In the dark circle of her arms, she closed her eyes and thought of Althea, wife to the captain of the Paragon. She’d seen that woman dashing about the deck barefoot, wearing loose trousers like a man. She’d seen her standing by her ship’s figurehead, the wind stirring her hair and a smile curving her lips as she exchanged some sort of jest with the ship’s boy. And then Captain Trell had bounded up the short ladder to the foredeck to join them there. She and the captain had moved without even looking at each other, like a needle drawn to a magnet, their arms lifting as if they were the halves of the god Sa becoming whole again. She’d thought her heart would break with envy. What would it be like, she wondered, to have a man who had to embrace you when he saw you, even if you’d just risen from a shared bed a few hours earlier? She tried to imagine herself as free as that Althea woman, running barefoot on the decks of the Tarman.

the last stage of a bear market "is caused by distress selling of sound securities, regardless of their value, by those who must find a cash market for at least a portion of their assets." The market player who avoids being invested near the top of bull markets-where he can really get hurt in a panic crash-and plays the short side in bear markets can be in the position to take advantage of such distress selling. You might miss the last 10 or even 20% of the gains to be made near bull market tops (while making T-bill yields), but you'll definitely still have your capital when the time comes to buy value with tremendous upside potential and almost no downside risk. In my view, the way to build wealth is to preserve capital, make consistent profits, and wait patiently for the right opportunity to make extraordinary gains.

Fundamental analysis often works, but it often fails. Technical analysis often works, and then it does not work. Economists speak of economic cycles, but none can be found analytically. Traders speak of market cycles; they too cannot be proven. To top it off, the critics of the EMH have been unable to offer an alternative that takes all the discrepancies into account. In few other areas are theory and practical experience in such little agreement.

What’s going to happen to Wes?” She lifted her eyes steadily to her brother’s, but she didn’t answer at once. “I don’t know. He’s admitted himself into a drug treatment program.” “Why?” Bud asked. Again she paused. “For drug treatment. It’s not unusual for some of those traders to get hooked on... You know... Uppers?” It was stated as a question. And Preacher thought, it was meth. It wasn’t a little bitty innocent drug. “And you couldn’t do anything about that?” “Like what, Bud?” she returned. “I don’t know. Like help him with that. I mean, what did you have to do?” Paige put down her fork and glared into her brother’s eyes. “No, Bud. I couldn’t help with that. It was completely beyond my control.” Bud tilted his eyes toward his lettuce, stabbed a piece with his fork and muttered, “Maybe you could’ve kept your stupid mouth shut.” Preacher’s fork went down sharply. And Preacher, who rarely used profanity and only in the most heated moments, said, “You’re fucking kidding me, right?” Bud’s eyes snapped up to Preacher’s face. His jaw ground and he scowled. “She tell you she had six thousand square feet and a pool?” Preacher glanced at Paige, Paige glanced at Preacher and then swiveled her eyes slowly to Bud. She spoke to Preacher while she looked at Bud and said, “My brother doesn’t understand. The size of the house you live in has nothing to do with anything.” “The hell,” Bud said. “I’m just saying, there are times to keep your mouth shut, that’s all I’m saying. You had it fucking made.” It took every red blood cell in Preacher’s body to stay in his chair. He wanted to shout, He beat her up in the street in front of me! He killed their baby with his foot! He was squeezing and releasing his fork with such tension, he was unaware he was bending it. It wasn’t his right to speak out; he was a guest. He didn’t see himself as Bud’s guest, he was Paige’s guest. He got a sick feeling in his stomach at the thought he could’ve dropped her here for a visit, alone. He felt his blood pressure going up; his temples were pulsing. “Bud, he was abusive.” “Jesus Christ, you had a few problems. The guy was loaded, for Christ’s sake!” Preacher thought he might explode, his heated blood was expanding so fast. He could hear his own heartbeat. And he felt a small, light hand on top of his coiled fist. He raised his eyes and met the dull, nervous stare of Paige’s mother, pleadingly looking at him from across the table. “Bud doesn’t mean exactly that,” she said. “It’s just that we’ve never had a divorce in the family. I raised the kids to understand, you have to try to get beyond the problems.” “Everyone has problems,” Gin said, nodding. Those same eyes. Begging. Preacher didn’t think he could do it. Sit through it. He was pretty sure he’d never get to the steak without shoving Bud up against the wall and challenging him to keep his mouth shut through something like his fists. The struggle was, that was like Wes. Get mad, take it to the mat. Beat the living shit out of someone. Someone you could beat into submission real easy. “They weren’t problems,” Paige said insistently. “He was violent.” “Aw, Jesus Christ,” Bud said, lifting his beer. A

The reason is clear from the market share numbers. In the 1999 Euromoney poll, almost 48 per cent of market share was held by banks outside the top ten; by the 2006 poll, that number had halved to about 24 per cent. These banks did not have a business large enough to justify spending the money needed to automate. In fact, the collective market share decline of smaller banks masked a shift in behaviour that was even worse news for the career prospects of the traders who worked in them. Increasingly, FX giants like Deutsche would give these banks access to systems like Autobahn or the equivalent. Their salespeople would simply quote the Deutsche Bank (or Citibank, UBS or Barclays) rate to their customers with a small spread to offset the credit risk. No need for expensive traders. In effect, the smaller banks had shifted from ‘manufacturing’ FX rates to being distributors to clients with whom they had a strong relationship based on regional expertise or history. ‘You guys just sucked us dry,’ complained an old friend and adversary at the time – he was in his late thirties, from a smaller bank, and we were at his ‘leaving-the-industry’ drinks. ‘But,’ he added resignedly, with a slightly drunken grin, ‘I guess that’s just that old whore Capitalism for you.’ He became a maths teacher.

The biggest secret that traders don’t want the world to know is that anyone with a more or less sane disposition can do what they’re doing. The trick is getting access to the trough, to the P&L, to the “book.” The road toward it is tough, treacherous and crowded. On the way there, you will be misled into believing that in order to be a trader you must have a physics PhD, or know how to write code and build models, or have a top-school MBA, or, when all else fails, just be a young Caucasian male. But in the end, it doesn’t matter who made it to the top. In the end, it all comes down to merely placing a bet.

Fund management is a skill—you cannot run money through consultants or committees. If you have a committee, you should buy an index fund and stop trying. Committees settle to the lowest common denominator, which is the lowest risk. A committee will not take risk. By the time a committee decides to buy tech, it is already March 2000. Fund management is like cooking, whereby 10 chefs have the same ingredients but make 10 different things. You have great chefs who get three stars and lousy chefs who make horrible food. Fund management is similar in that what is important is what you make out of the mix, how you interpret information, how you structure trades and build portfolios. But with committees somehow the results are always the same. When you have a committee, you cannot be the only guy making the decision because, at some stage, you will be wrong in the short-term and everyone will get fired. So the whole groupthink model makes things very difficult, as does the visibility of these posts. Making or losing a lot of money always makes headlines—there is no upside or solution for that.

2008 was a reminder that it really matters to care about liquidity and correlation, that it matters to worry about a large range of risk indicators rather than just one, that counterparty risk is important, that your balance sheet is important. Most of these lessons are as old as the hills, which is why I really cannot understand all this talk about black swans. When the same thing happens over and over again, how can you be surprised? “Black swan” may have become the most confusing phrase in markets. Nassim Taleb's recent use of the term is commonly understood to denote an unlikely and unforeseeable event, but this is not the main story of 2008. I saw a crisis as highly likely given people's beliefs and behaviors. Many people seem to use the “black swan” idea to reassure themselves when some bad things happened that they did not expect. They use it to claim that it was not their fault, which I do not think was Taleb's meaning. Too often, people use it to avoid taking responsibility for their actions by claiming the events—and their losses—in 2008 were unforeseeable, whereas in fact their hypothesis of how markets worked was just disproved. The other hypotheses always existed. The metaphor of the black swan is of course an old one and was used by Karl Popper in the 1930s to illustrate the fallacy of induction. It is an example of something that can falsify a hypothesis. If you have a hypothesis that all swans are white, a single black swan falsifies that hypothesis. In this usage, the existence of a black swan is of course neither unforeseeable nor even a low probability event, since hypotheses are falsified all the time.

A really important lesson in investing is that being either too far in front or too far behind is when you get hurt, whereas being right at the edge of the wave is where the money is made. And our job is not to be right, but to make money.

The competitiveness of the world economy is such that mean reversion reigns, so you should buy the guys who are underperforming. Some of them will go bankrupt but many of them will come back up to the mean. Many of the growth stocks will also pull back to the mean as those who are great will become mediocre and those who are mediocre will become better.

You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.

In the late afternoon he was standing by a tent run by a trapper-merchant from Oregon, an Englishman named Haversham, the only man at the rendezvous in European dress, and Haversham asked, “Care for a cup of tea?” It had been a long time since McKeag had drunk tea and he said, “Don’t mind if I do.” The Englishman had two china cups and a small porcelain pot. Washing the cups with steaming water, he took down a square brown tin, opened the top carefully and placed a small portion of leaves in the pot. To McKeag they bore no visible difference from the tea leaves his mother had used, but when Haversham poured him a cup and he took his first sip, an aroma unlike any he had ever known greeted him. He sniffed it several times, then took a deep taste of the hot tea. It was better than anything he had previously tasted, better even than whiskey. What did it taste like? Well, at first it was tarry, as if the person making the tea had infused by mistake some stray ends of well-tarred rope. But it was penetrating too, and a wee bit salty, and very rich and lingering. McKeag noticed that its taste dwelled in the mouth long after that of an ordinary tea. It was a man’s tea, deep and subtle and blended in some rugged place. “What is it?” he asked. Haversham pointed to the brown canister, and McKeag said, “I can’t read.” Haversham indicated the lettering and the scene of tea-pickers in India. “Lapsang souchong,” he said. “Best tea in the world.” Impulsively McKeag asked, “You have some for sale?” “Of course. We’re the agents.” It was a tea, Haversham explained, blended in India especially for men who had known the sea. It was cured in a unique way which the makers kept secret. “But smoke and tar must obviously play a part,” he said. It came normally from India to London, but the English traders in Oregon imported theirs from China. “How long would a can like that last?” McKeag asked, cautiously again. “It’ll keep forever … with the top on.” “I mean, how many cups?” “I use it sparingly. It would last me a year.” “I’ll take two cans,” McKeag said, without asking the price. It was expensive, and as he tucked his small supply of coins back into his belt, Haversham explained, “The secret in making good lapsang souchong lies in heating the cup first. Heat it well. Then the flavor expands.” McKeag hid the canisters at the bottom of his gear, for he knew they were precious.

One of the reasons I was so bullish on the Deutsche mark was a radical currency theory proposed by George Soros in his book, The Alchemy of Finance. His theory was that if a huge deficit were accompanied by an expansionary fiscal policy and tight monetary policy, the country’s currency would actually rise.

The ideal location I found for the first Trader Joe’s was a 1911 bottled water plant on Arroyo Parkway in Pasadena. My real estate broker—and a de facto member of Trader Joe’s top management—had one hell of a time negotiating the lease with an obdurate lawyer, Patrick James Kirby. Kirby was so tough that later Alice said if she ever got a divorce, she was going to hire Kirby. He liked that.

Nobody, except for one firm: Salomon Brothers. In 1991, just as Maxwell had generated a huge scandal in Britain, Salomon Bothers had done the same in the United States. In the previous autumn, the Securities and Exchange Commission (SEC) caught some top Salomon traders trying to manipulate the US Treasury bond market.

One of the basic rules of classical charting is that you should not trade against the trend, so in a bull flag you should be looking to go long at the bottom of the channel, rather than looking for spots to short at the top of that channel.

It is surprising how many experienced traders there are who look incredulous when I tell them that when I buy stocks for a rise I like to pay top prices and when I sell I must sell low or not at all. It would not be so difficult to make money if a trader always stuck to his speculative guns that is, waited for the line of least resistance to define itself and began buying only when the tape said up or selling only when it said down. He should accumulate his line on the way up. Let him buy one-fifth of his full line. If that does not show him a profit he must not increase his holdings because he has obviously begun wrong; he is wrong temporarily and there is no profit in being wrong at any time. The same tape that said UP did not necessarily lie merely because it is now saying NOT YET. In

It’s a hard policy to sell to most managements. Even to my own management! For years I used to take all new employees to lunch. Among other admonitions, I told them that if they ever got a better offer, they should take it. As soon as they could, my field supervisors ended those lunches. Another frank idea was vetoed by my top people: I wanted to publish their salaries and bonuses, and mine, every year when we issued our annual compensation bulletins.

Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose per contract.

Absolutely. I learned to avoid trying to catch up or double up to recoup losses. I also learned that a certain amount of loss will affect your judgment, so you have to put some time between that loss and the next trade.

Almost anybody can make up a list of rules that are 80 percent as good as what we taught our people. What they couldn’t do is give them the confidence to stick to those rules even when things are going bad.

Wash trading, as it was called, would have been illegal on a regulated US exchange, though the sight of it did not bother Sam all that much. He thought it was sort of funny just how brazenly many of the Asian exchanges did it. In the summer of 2019, FTX created and published a daily analysis of the activity on other exchanges. It estimated that 80 percent or more of the volume on the second- and third-tier exchanges, and 30 percent of the volume on the top few exchanges, was fake. Soon after FTX published its first analysis of crypto trading activity, one exchange called and said, We’re firing our wash trading team. Give us a week and the volumes will be real. The top exchanges expressed relief, and gratitude for the analysis, as, until then, lots of people assumed that far more than 30 percent of their volume was fake. Sam was less surprised that Binance was wash trading than by how badly they were doing it. “They were doing a B-minus job at market manipulation,” he said. One Binance bot would make a wide market in Bitcoin futures, and another Binance bot would enter and lift its high offer. If, to keep the numbers simple, the fair value of bitcoin was $100, the first Binance bot would insert a bid at $98 and an offer at $102. No normal trader would trade against either—why sell for $98 or buy for $102 on Binance what you could buy or sell on some other exchange for $100? But then, at regular and predictable intervals, the second Binance bot would enter the market and buy at $102. It looked as if a trade had occurred between two different parties, but it hadn’t. It was simply Binance buying from Binance.

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

Naming the KCC as the agent of the message, as if it were some entity disconnected from Glencore, is another example of how companies at the top of the chain eschew full accountability for the artisanal miners at the bottom. Consumer-facing tech and EV companies, mining companies, and other stakeholders in the cobalt chain invariably point their fingers downstream, even at their own subsidiaries, as if doing so somehow severes their responsibility for what is happening in the cobalt mine of the Congo. Although these companies consistently proclaim their commitments to international human rights norms, the implementation of these commitments seems to be nonexistent in the DRC. Everyone from the FARDC soldiers to the Chinese mineral traders, the Congolese government, multinational mining companies, and mega-cap tech and EV companies plays their part in preying upon those who dig for cobalt out of every crater, pit wall, and tunnel at KCC, Mashamba East, and other mines near Kapata. The global economy presses like a dead weight on the artisanal miners, crushing them into the very earth upon which they scrounge.

I grunted, allowing my pent-up rage an escape. I pushed open the door to my room. What I saw inside angered me more than I had ever been angered before! At that moment, I swore I would get revenge on Wes some way or another. He wouldn’t see that coming. Slimy was in his crib crying hysterically. Someone, obviously Wes, had crafted a fence and put it on top of the crib and then put several cobblestones on top of the fence so that Slimy couldn’t get out. In front of the crib was my action figure, Creepy. It had been stomped on and destroyed by someone’s foot. Obviously, Wes’ foot.

Man, then, is the ultimate stranger, “traditionless, utterly matter-of-fact, religionless, clever, unfruitful”—this is Spengler describing the degenerate world-city man in The Decline of the West. Deep ecology’s Homo sapiens corresponds to Werner Sombart’s trader or J.A. Hobson’s capitalist Jew: a parasite, “a locust-like blight on the planet,” according to deep ecologist Gary Snyder, to whom human history is one of “ravaging this precious, beautiful planet.” And Gaia’s final solution to this threat? “Nature will be able to reconstitute itself once the top of the food chain is lopped off—meaning us.”79 Activist Judi Bari has concluded, “I believe the Earth is going to rise up and throw us off … The Earth’s failure to be able to sustain this kind of life will cause it to collapse. I’m sure life will survive that,” she adds, “but I don’t know that humans will. I don’t know if we deserve to.

Lemon Pepper Cod 2 cod fillets (I prefer the thick end of the fillet) 1 teaspoon extra virgin olive oil Zest and juice of 1 lemon Lemon pepper seasoning (Trader Joe’s makes a good one) Dry the cod fillets and rub them with olive oil. Top the fillets with the lemon zest and sprinkle with lemon pepper seasoning as desired. Let the fillets rest in the refrigerator for 15 minutes and then grill for 3 minutes. Top with fresh lemon juice. Note: This is one of the world’s easiest dinners! Two great side options: grilled asparagus and kale salad.

So, when the market has moved sharply lower in a price waterfall and a bearish trend, supported by masses of volume, this is a buying climax. It is the wholesalers who are buying and the retail traders who are panic selling. A buying climax for us represents an opportunity. Likewise, at the top of a bull trend, where we see sustained high volumes, then this is a selling climax. The wholesalers are selling to the retail traders and investors who are buying on the expectation of the market going to the moon. This is one of the most powerful emotions retail traders face, the fear of missing out or FOMO.

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

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.

I’ve been undercover for so long I don’t know who I am anymore. Am I Korgath the crime lord? Trillionaire smuggler, import/exporter of illicit goods, and a man who has bribed and brutalized his way to the top of the criminal underworld? Or am I Korgath the deep undercover agent, who has been sure to only kill gangsters, mobsters, and slave-traders on his path to the top of Titus?