Remember, the market is designed to fool most of the people most of the time. Sometimes, the market will go contrary to what speculators have predicted. At these times, speculators must abandon their predictions and follow the action of the market. Never argue with the tape. Markets are never wrong, but opinions often are. I only try to react to what the market is telling me by its behavior.------Jesse Livermore
The stock market is a voting machine in the short run and a weighing machine in the long run. - Benjamin Graham
Is it volume which causes price changes, or do price changes cause volume—the hen or the egg, which came first?—H. M. Gartley, Profits in the Stock Market (Miami, FL: Lambert-Gann Publishers, 1935)
Being wrong is acceptable. But staying wrong is totally unacceptable. Being wrong isn’t a choice, but staying wrong is. To play any game successfully, you have to have some skill, an edge, but beyond that it is money management. Good traders manage the downside; they don’t worry the upside. - MARK MINNERVINI
Most of traders lose because they don’t have a winning strategy. Apart from this even among those traders who do, many don’t follow their strategy. Trading puts pressure on weaker human traits and seems to seek out each individual’s Achilles’ heel. - GILL BLAKE
Each trading failure is a sign that you are doing something wrong; it is not necessarily a good predictor of ultimate potential failure or success.
The trick is not being contrarian but being contrarian at the right time.
When you’re trading at your biggest, you should be making money instantaneously.
Don’t get caught in a situation in which you can lose a great deal of money for reasons you don’t understand.
NEVER LET YOUR MARKET DECISIONS BE RESTRICTED OR INFLUENCED BY CONCERN OVER WHAT OTHERS MIGHT THINK.
Do your own thing (independence) and do the right thing (discipline)
All traders make mistakes, great traders, however, limit the damage.
Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets.
Life isn't worth living unless you're willing to take some big chances and go for broke.-- Eliot Wiggington
Don’t force trades. Do not attempt to create an opportunity where one does not exist. Be patient.
The fruits of your trading or investment success will be in direct ratio to the honesty and sincerity of your own effort in keeping your own records, doing your own thinking, and reaching your own conclusions. You cannot wisely read a book on ‘ how to keep fit’ and leave the physical exercise to another. - Jesse Livermore
Never let your market decisions be restricted or influenced by concern over what others might think. Don’t worry about looking stupid.
We use technical analysis not because we think it means something, but because other people think it means something. We are always looking for market participants to take us out of a trade, and in that sense, knowing the technical points at which people are likely to be buying or selling is helpful. - MICHAEL MASTERS
Being right is more important than being a genius. I think one reason why so many people try to pick tops and bottoms is that they want to prove to the world how smart they are. Think about winning rather than being a hero. Forget trying to judge trading success by how close you can come to picking major tops and bottoms, but rather by how well you can pick individual trades with merit based on favourable risk / return situations and a good percentage of winners. Go for consistency on a trade-to-trade basis, not perfect trades. - JACK SCHWAGER
The key to know is to when to do nothing and sit idle in the market. One needs to have a lot of patience to sit idle and be very disciplined about it. Most people know but will not follow this because they lack discipline. For example, everyone knows how to lose weight; you eat less fat and exercise more. So why are most people overweight. Simply because they lack discipline.
Trade aggressively when you are confident. There is no point in being confident and having a small position. There are few occasions when one is very strong about a stock and these are the times when one should capitalize on it. Increase your bets when you are confident and scale down your positions when you don’t have conviction. - GEORGE SOROS
The secret to good trading is cutting down the number of trades you make. The best trades are the one in which you have all three things going for you: fundamentals, technicals and market tone - Michael Marcus
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