Ed Seykota Quotes
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I think that if people look deeply enough into their trading patterns, they find that, on balance, including all their goals, they are really getting what they want, even though they may not understand it or want to admit it.
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Markets are fundamentally volatile. No way around it. Your problem is not in the math. There is no math to get you out of having to experience uncertainty.
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Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.
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Everybody gets what they want out of the market.
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Fundamentals that you read about are typically useless as the market has already discounted the price, and I call them “funny-mentals”. However, if you catch on early, before others believe, you might have valuable “surprise-a-mentals”.
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My style is basically trend following, with some special pattern recognition and money management algorithms.
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The key to long-term survival and prosperity has a lot to do with the money management techniques incorporated into the technical system.
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Longevity is the key to success.
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Dramatic and emotional trading experiences tend to be negative. Pride is a great banana peel, as are hope, fear, and greed. My biggest slip-ups occurred shortly after I got emotionally involved with positions.
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I don’t predict a nonexisting future.
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It can be very expensive to try to convince the markets you are right.
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If you want to know everything about the market, go to the beach. Push and pull your hands with the waves. Some are bigger waves, some are smaller. But if you try to push the wave out when it's coming in, it'll never happen. The market is always right.
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If you can't take a small loss, sooner or later you will take the mother of all losses.
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I would add that I consider myself and how I do things as a kind of system which, by definition, I always follow.
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Fortune tellers live in the future. So do people who want to put things off. So do fundamentalists.
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Risk no more that you can afford to lose, and also risk enough so that a win is meaningful.
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It is a happy circumstance that when nature gives us true burning desires, she also gives us the means to satisfy them. Those who want to win and lack skill can get someone with skill to help them.
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The idea of searching for some secret for trading success misses the point.
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If you can't measure it, you probably can't manage it Things you measure tend to improve.
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Trend following is an exercise in observing and responding to the ever-present moment of now