Traders Attitude Quotes

Warren Buffett chuckled and said to me "I hope it's not my bad habits" Good Habits once established are just as hard to break as bad habits and bad habits are easier to abandon today than tomorrow. So what are you going to do about it?

the typical trader wants to be right on every single trade. He is desperately

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.

Simons and his team are among the most secretive traders Wall Street has encountered, loath to drop even a hint of how they’d conquered financial markets, lest a competitor seize on any clue. Employees avoid media appearances and steer clear of industry conferences and most public gatherings. Simons once quoted Benjamin, the donkey in Animal Farm , to explain his attitude: “‘God gave me a tail to keep off the flies. But I’d rather have had no tail and no flies.’ That’s kind of the way I feel about publicity.

The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator’s primary interest lies in anticipating and profiting from market fluctuations. The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell. It is far from certain that the typical investor should regularly hold off buying until low market levels appear, because this may involve a long wait, very likely the loss of income, and the possible missing of investment opportunities. On the whole it may be better for the investor to do his stock buying whenever he has money to put in stocks, except when the general market level is much higher than can be justified by well-established standards of value. If he wants to be shrewd he can look for the ever-present bargain opportunities in individual securities. Aside from forecasting the movements of the general market, much effort and ability are directed on Wall Street toward selecting stocks or industrial groups that in matter of price will “do better” than the rest over a fairly short period in the future. Logical as this endeavor may seem, we do not believe it is suited to the needs or temperament of the true investor—particularly since he would be competing with a large number of stock-market traders and first-class financial analysts who are trying to do the same thing. As in all other activities that emphasize price movements first and underlying values second, the work of many intelligent minds constantly engaged in this field tends to be self-neutralizing and self-defeating over the years. The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored. He should never buy a stock because it has gone up or sell one because it has gone down. He would not be far wrong if this motto read more simply: “Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.” An

Attitude and bearing. Believe you are beautiful, and so will everyone else

Images juxtaposées des comportements virils à travers le monde : défilés militaires devant le Kremlin à Moscou, réunions de la Camorra à Naples, discours de réception à l'Académie française avec épées et uniformes verts, congrégation de motards en Californie, rites d'initiation des Indiens bororos du Brésil, proxénètes de Tel-Aviv, traders de Tokyo, supporters de foot de Manchester, sénateurs, francs-maçons, prisonniers - oh, les postures ! les attitudes ! les mécaniques ! oh, les mecs ! Aussi angoissés qu'arrogants, leur arrogance n'étant que l'envers de leur angoisse, car ils sont tellement plus mortels que nous ! Oh, l'attendrissant besoin de ces primates supérieurs sans utérus de se durcir et de se décorer, de parader et de pétarader pour se donner de l'allure, du poids et du sérieux !

This Levantine spirit developed gradually in Beirut after the Industrial Revolution, as the burgeoning Lebanese silk trade and the invention of the steamboat combined to bring men and women of America and Western Europe in large numbers to the Levant. These settlers from the West were Catholic and Protestant missionaries, diplomats, and merchants, Jewish traders, travelers and physicians; and they brought with them Western commerce, manners, and ideas and, most of all, a certain genteel, open, tolerant attitude toward life and toward other cultures. Their mores and manners were gradually imitated by elite elements of the local native populations, who made a highly intelligent blend of these Western ideas with their own indigenous Arabic, Greek, and Turkish cultures, which had their own traditions of tolerance. “To be a Levantine,” wrote Hourani, “is to live in two worlds or more at once, without belonging to either.” In

Then Strathcona discussed literature. He paid his tribute to the "Fleurs de Mal" and the "Songs before Sunrise"; but most, he said, he owed to "the divine Oscar." This English poet of many poses and some vices the law had seized and flung into jail; and since the law is a thing so brutal and wicked that whoever is touched by it is made thereby a martyr and a hero, there had grown up quite a cult about the memory of "Oscar." All up-to-date poets imitated his style and his attitude to life; and so the most revolting of vices had the cloak of romance flung about them—were given long Greek and Latin names, and discussed with parade of learning as revivals of Hellenic ideals. The young men in Strathcona's set referred to each other as their "lovers"; and if one showed any perplexity over this, he was regarded, not with contempt—for it was not aesthetic to feel contempt—but with a slight lifting of the eyebrows, intended to annihilate. One must not forget, of course, that these young people were poets, and to that extent were protected from their own doctrines. They were interested, not in life, but in making pretty verses about life; there were some among them who lived as cheerful ascetics in garret rooms, and gave melodious expression to devilish emotions. But, on the other hand, for every poet, there were thousands who were not poets, but people to whom life was real. And these lived out the creed, and wrecked their lives; and with the aid of the poet's magic, the glamour of melody and the fire divine, they wrecked the lives with which they came into contact. The new generation of boys and girls were deriving their spiritual sustenance from the poetry of Baudelaire and Wilde; and rushing with the hot impulsiveness of youth into the dreadful traps which the traders in vice prepared for them. One's heart bled to see them, pink-cheeked and bright-eyed, pursuing the hem of the Muse's robe in brothels and dens of infamy!

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.

This quickly led to a fatalistic attitude. Company trader William Walker wrote in 1781 that “they are frightened of going nigh one to another as soon as they take bad, so the one half for want of indulgencies is starved before they can gather Strength to help themselves. They think when they are once taken bad they need not look for any recovery. So the person that’s bad turns feeble that he cannot walk, they leave them behind when they’re pitching away, and so the poor Soul perishes.” Many travellers, including such astute observers as David Thompson, wrote of how the men in particular, when under the influence of a raging fever, would throw themselves into the freezing water, and thereby perish from exposure.

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.

Why wouldn’t someone want to win? It’s really not a question of what someone wants, because I believe that all traders want to win. Yet, there are often conflicts about winning. Sometimes these conflicts are so powerful that we find our behavior is in direct conflict with what we want. These conflicts could stem from religious upbringing, work ethic or certain types of childhood trauma.

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.

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.

You will never be a greater risk-taker in the markets if you approach life with a completely different attitude.

The best traders aren’t afraid. They aren’t afraid because they have developed attitudes that give them the greatest degree of mental flexibility to flow in and out of trades based on what the market is telling them about the possibilities from its perspective. At the same time, the best traders have developed attitudes that prevent them from getting reckless.

The fact is that if traders really believed that anything could happen at any time, there would be considerably fewer losers and more consistent winners.

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