Ed Seykota Quotes
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A lot of people would rather understand the market than make money
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Luck plays an enormous role in trading success. Some people were lucky enough to be born smart, while others were even smarter and got born lucky.
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The biggest secret about success is that there isn't any big secret about it, or if there is, then it's a secret from me, too. The idea of searching for some secret for trading success misses the point.
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Charting is a little like surfing. You dont have to know a lot about the physics of tides, resonance, and fluid dynamics in order to catch a good wave. You just have to be able to sense when its happening and then have the drive to act at the right time.
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Systems don't need to be changed. The trick is for a trader to develop a system with which he is compatible.
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I turn bullish at the instant my buy stop is hit, and stay bullish until my sell stop is hit.
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To avoid whipsaw losses, stop trading.
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Good traders trade. Good letter writers write letters.
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The elements of good trading are: 1, cutting losses. 2, cutting losses. And 3, cutting losses. If you can follow these three rules, you may have a chance.
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Trying to trade during a losing streak is emotionally devastating. Trying to play 'catch up' is lethal.
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Be sensitive to subtle differences between 'intuition' and 'into wishing'.
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The trend is your friend except at the end where it bends.
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A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to transform himself. That's the kind of thing winning traders do.
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Traders and Surfers both have to deal with feelings of missing out on the small ones, until the big one comes along. They also have to deal with feelings of staying with the big one.
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There are old traders and there are bold traders, but there are very few old, bold traders.
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The trading rules I live by are: 1. Cut losses. 2. Ride winners. 3. Keep bets small. 4. Follow the rules without question. 5. Know when to break the rules.
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The markets are the same now as they were five or ten years ago because they keep changing-just like they did then
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Trends become more apparent as you step further away from the chart.
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Losing a position is aggravating, whereas losing your nerve is devastating.
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Psychology motivates the quality of analysis and puts it to use. Psychology is the driver and analysis is the road map.
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It’s all about sticking to your plan and experiencing feelings as they arise. If you are unwilling to feel your feelings, the temptation is to avoid them by jumping off your system
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In order of importance to me are: 1) the long term trend, 2) the current chart pattern, and 3)picking a good spot to buy or sell.
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Pyramiding instructions appear on dollar bills. Add smaller and smaller amounts on the way up. Keep your eye open at the top.
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I don’t predict a nonexisting future.