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Some of my favorite quotes



  • Most traders take a good system and destroy it by trying to make it into a perfect system.

  • "The key is consistency and discipline. Almost anybody can make up a list of rules that are 80% as good as what we taught. What they can't do is give (people) the confidence to stick to those rules even when things are going bad." Richard Dennis, on Turtle Trading

  • "Experienced traders control risk, inexperienced traders chase gains." -Alan Farley

  • "The market can remain irrational longer than you can remain solvent" - John Maynard Keynes

  • "There are only 3 rules...Rule number 1:- Don't lose money. Rule number 2:- don't forget rule number 1. Rule number 3:- the only thing you should be holding overnight is your dick." Trader Jack


quote:
Originally posted by super trader


  • Most traders take a good system and destroy it by trying to make it into a perfect system.

  • "The key is consistency and discipline. Almost anybody can make up a list of rules that are 80% as good as what we taught. What they can't do is give (people) the confidence to stick to those rules even when things are going bad." Richard Dennis, on Turtle Trading

  • "Experienced traders control risk, inexperienced traders chase gains." -Alan Farley

  • "The market can remain irrational longer than you can remain solvent" - John Maynard Keynes

  • "There are only 3 rules...Rule number 1:- Don't lose money. Rule number 2:- don't forget rule number 1. Rule number 3:- the only thing you should be holding overnight is your dick." Trader Jack






good one I like rule #3>>>>>>>that is my rule to.
I like the Keynes quote and also these 2 by him:

Successful investing is anticipating the anticipations of others.

The avoidance of taxes is the only intellectual pursuit that still carries any reward.
quote:
Originally posted by elite trader

Successful investing is anticipating the anticipations of others.

Anticipating the anticipations of others comes back to the reasonable man theory that I discussed here: Trading to Win

In summary, you have to have the same mindset as the other people in the market in order to anticipate them or you need to know what their mindset is. If you say "what would I do?" then you have to assume that the rest of the market thinks like "I".

If the rest of the market does not think like "I" then you need to discover who they think like.
quote:
Originally posted by super trader

Most traders take a good system and destroy it by trying to make it into a perfect system.

This is like trying to get a hole in one on every single hole on the golf course. A hole in one is perfect but by trying to do that on each hole you are going to make a total hash of your entire game.
In all my years of golf I have never had a hole-in-one!
Does an Eagle count? My feeling is that if you can get an Eagle then it's as good as a whole in one.
Yes an eagle counts but how many of those have you hit in your life time?
I have not even had an eagle.
Is that like hitting the golf ball high and hitting an Eagle?...LOL
....LOL



I wonder why they are all named after "birds"?

-1 = birdie
-2 = eagle
-3 = albatross
Out of pure curiosity I was trying to research why these are named such and came across 2 more names:

-4 = Condor
-5 = Ostrich

And then I finally found this:
quote:
The term 'birdie', by contrast, can be attributed to an individual, Ab Smith, who hit his approach to within inches on a par four hole at Atlantic City CC in 1903 and declared: 'That was a bird of a shot.' When he holed the putt, he and his two playing companions agreed that the word 'birdie' should describe his play of the hole.

From here, it is not surprising that the bird theme continued and using 'eagle' to describe a score of two-under par on a hole would seem natural to the Americans, for whom the bird is their national emblem. Because it is a big bird, it seems again a natural progression to look for even bigger (and rarer) bird to describe the most uncommon species of all, an albatross, or score of three-under par on a hole. When Gene Sarazen made the most famous albatross ever, by holing out in two at Augusta National's 15 th on his way to winning the second ever Masters in 1935, he referred to it as a 'dodo', so it would seem that the term albatross was not in common use until quite recently. Americans some times refer to it as a 'double eagle' but that should surely be four-under par, not three?