Traders Quotes
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I always tell my traders that they would've loved the 1990s because it was a fairly easy time to make money.
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When traders were able to earn a million dollars, of which base pay was $150,000 to $200,000 and the rest was bonus, they would go for it. Now if you're sitting there earning $600,000, you become less risk-seeking. And if you have less risk-seeking, the ability of the market to be incredibly volatile is increased.
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The most common bad habit I have seen in traders - good and bad ones - is the inability to react correctly to market action.
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If you don't work very hard, it is extremely unlikely that you will be a good trader.
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The markets are always changing, and the successful trader needs to adapt to these changes.
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A good trader has to have three things: a chronic inability to accept things at face value, to feel continuously unsettled, and to have humility.
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Traders lose because the game is hard, or out of ignorance, or lack of discipline or because of both.
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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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The desire to maximize the number of winning trades (or minimize the number of losing trades) works against the trader. The success rate of trades is the least important performance statistic and may even be inversely related to performance.
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Good traders trade. Good letter writers write letters.
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I thought if we could put our hard-working culture as traders into the asset management, it will be a great combination, and we did do that.
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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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The people who want to be recognized as the greatest traders are probably not the greatest traders. Egos get in the way of the process. In my opinion, you never want to be the largest player in the pit.
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The best traders are simply slaves to the market's price action.
