“trading is more about knowing when to trade than it is about trading. trading is timing. Waiting is painful. pain brings wisdom. Wisdom brings balance. Trading can be excruciating exciting when done wrong, and tautingly tedious when done right”
“When you really believe that trading is simply a probability game, concepts like right and wrong or win or lose no longer have the same significance.”
“I never benefited much from a move if I did not get in at somewhere near the beginning of the move. And the reason is that I missed the backlog of profit which is very necessary to provide the courage and patience to sit thourgh a move until the end comes - and to stay through any minor reactions or rallies which were bound to occur from time to time before the movement had completed its course.”
“I’d say that my investment philosophy is that I don’t take a lot of risk, I look for opportunities with tremendously skewed reward-risk opportunities. Don’t ever let them get into your pocket - that means there’s no reason to leverage substantially. There’s no reason to take substantial amounts of financial risk ever, because you should always be able to find something where you can skew the reward risk relationship so greatly in your favor that you can take a variety of small investments with great reward risk opportunities that should give you minimum draw down pain and maximum upside opportunities.”
“People underestimate the time it takes to succeed as a trader. Some people come here and think they can sit with me for a week and become great traders. How many people when they went to college would’ve thought to walk up to the professor and say, “I know the course is for a semester, but I think a week should be enough for me to get it.” Gaining proficiency is the same in trading as in any other profession - it requires experience…and experience takes time.”
“Remember this: When you are doing nothing, those speculators who feel they must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes.”
“Be prepared for losses. Remain calm when trading. Trust yourself and your tools. Imagine a winning trade. Focus on the trade and not what may happen. See the trade to completion. Focus not on the money but on how well you traded, and you will become a successful trader”
“Buy the leaders and forget the rest - nothing like holding the big winners and sitting tight allowing them to run. All you need is 4 - 6 movers to make your year”
