More on this book
Community
Kindle Notes & Highlights
The markets are not random.
markets are not random, because they are based on human behavior, and human behavior, especially mass behavior, is not random.
There is no holy grail or grand secret to the markets, but there are many patterns that can lead to profits.
The secret to success in the markets lies not in discovering some incredible indicator or elaborate theory; rather, it lies within each individual.
If your trading capital is too important, you will be doomed to a number of fatal errors. You will miss out on some of the best trading opportunities because these are often the most risky. You will jump out of perfectly good positions prematurely on the first sign of adverse price movement only to then see the market go in the anticipated direction. You will be too quick to take the first bit of profit because of concern that the market will take it away from you. Ironically, overconcern about losing may even lead to staying with losing trades as fear triggers indecisiveness, much like a deer
...more
Never trade scared. Keep position size appropriate to account size & you will trade boldly & better
Patience was an element that a number of the supertraders stressed as being critical to success. James Rogers said it perhaps most colorfully, “I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime.”
I made some hasty decisions between meetings, virtually all of which proved wrong. Within about a week, I had lost about one-third of my gains.
Don't trade in a pinch, clarity is a must. Prioritize & get it right. If you're trading between clients, focus on your trade.
Moral: If you can’t take a small loss, sooner or later you will take the mother of all losses.
“Missing an opportunity is as bad as being on the wrong side of a trade,” he said.
It was a gradual process. Trading literally took over my life.
we don’t make errors. If you put in enough fail-safes, you don’t make errors.”
