Quote of the Day - Standing on the Shoulders of Giants
The Paradox
Now here is the irony. Why are so many people attracted to trading? Because is seems like an easy way to make a lot of money. But the fact is that the people who are really successful in trading are tremendously hard workers. This dichotomy between between perception and reality as it pertains to trading success and work leads to the following paradox. You’ll grant me that no sane person would think of going into a book store, walking over to the medical books section, finding a book titled Techniques of Brain Surgery, studying it over the weekend, and then Monday morning walking into a hospital operating room believing he was ready to perform brain surgery. No sane person would think this way.
Yet how many people do you know who think there was absolutely nothing unusual about going into a book store, walking to the business book section, buying a book called How I Made $1,000,000.00 in the Stock Market Last Year, reading it over the weekend, and then Monday morning believe they can beat the market professionals at their own game.
- Jack Schwager, The Little Book of Market Wizards
“The safety should come by concentration in the one outstanding, fast trading leader that is jumping in the right direction.”
“Are you certain you watch your capital closely to free from smoke before it becomes fire?”
“The main challenge is to identify the current leaders and to spot the new leaders who are waiting to take over”
“Trade within your emotional capacity or you’ll get out on meaningless corrections and lose on trades that would have won.”
“Visualize victory a thousand times in your mind; show up on the night to experience the replay.”
“An idea can turn to dust or magic,
depending on the talent that rubs against it.”
“If a poem hasn’t ripped apart your soul; you haven’t experienced poetry.”
“There can be no rebirth without a dark night of the soul, a total annihilation of all that you believed in and thought that you were.”
“You think it’s cool to hate things. And it’s not. It’s boring. Talk about what you love and keep quiet about the things that you don’t.”
“I learned not to trust people; I learned not to believe what they say but to watch what they do; I learned to suspect that anyone and everyone is capable of ‘living a lie’. I came to believe that other people - even when you think you know them well - are ultimately unknowable.”
“When you do something noble and beautiful and nobody noticed, do not be sad. For the sun every morning is a beautiful spectacle and yet most of the audience still sleeps.”
“You have to be very decisive, extremely disciplined, relatively smart, and above all, totally independent.”
“Drop the toxic friends. They’re anchors weighing you down. Find positive friends instead. They’ll inspire you and lift you up all the time.”
“I’ve found that luck is quite predictable. If you want more luck, take more chances. Be more active. Show up more often.”
“You have to put in many, many, many tiny efforts that nobody sees or appreciates before you achieve anything worthwhile.”
“No one lives long enough to learn everything they need to learn starting from scratch. To be successful, we absolutely, positively have to find people who have already paid the price to learn the things that we need to learn to achieve our goals.”
“Never stop being teachable. If you think you know everything, you will never learn anything”