Quote of the Day - Standing on the Shoulders of Giants
“Since the beginning of time, man has largely been controlled by emotions, fear and greed. When a student of market action allows these emotions to influence his market response, he loses many opportunities in the market. The student must at all times resist these two emotions. Confidence and courage are required to overcome fear and greed. Courage is inborn. Confidence is gained by study, study and more study”
“The creation of a speculator’s wealth comes from how he manages his money, not some magical, mysterious system or alchemist’s secret. Successful investing makes money; successful investing with proper money management can create immense wealth.”
“The vision that you glorify in your mind, the ideal that you enthrone in your heart - this you will build your life by, this you will become.”
“…It takes time for your routine and good habits to become automatic and natural. It can take weeks and months to see the eventual payoff. But, in the long run, comiitment and patience will pay off. Those who are persistent WILL see the payoff. There are few things more satisfying than becoming proficient in your chosen field or discipline, and knowing that the rewards of hard work and intensive study are there to be reaped. Whatever picture you put in your mind, you will be able to achieve!”
“One great mistake the man makes who watches the ticker all the time is that he trades too often”
“He who gains a victory over other men is strong; but he who gains a victory over himself is all powerful.”
“It was at that point I said, “Mr. Stupid, why risk everything on one trade? Why not make your life a pursuit of happiness rather than pain?” That was when I first decided I had to learn discipline and money management. It was a cathartic experience for me, in the sense that I went to the edge, questioned my very ability as a trader, and decided that I was not going to quit. I was determined to come back and fight. I decided that I was going to become a very disciplined and business like about my trading.”
“Many times the reading of a book has made the fortune of a man- has decided his way in life. To use books rightly is to go to them for help: to appeal to them when our knowledge and power fail; to be led by them into wider sight and clear conception of our own.”
“Happiness is the meaning and purpose of life, the whole aim and end of human existence.”
“Many traders are shaken out of good trades when they aim to not lose, rather than aim to maximize profits.”
“Thinking positively or negatively about performance outcomes will interfere with the process of performing. When you focus on the doing, the outcomes take care of themselves.”
“Self confidence is not expecting the best; It’s knowing deep inside that you can handle the worst.”
“The problem wasn’t that Lehman Brothers had been allowed to fail. The problem was that Lehman Brothers had been allowed to succeed.”