Thought of the day…

“When trying to improve as a trader, most people look outward but the only way to succeed is to look inward. We all have strengths and weaknesses and being truthful about ourselves is the key to becoming a great trader.”

– Dr. Charles B. Schaap

Thought of the day…

“Pros  care very much about who is in the markets and why markets are moving. The principles provide a framework for making sense of market behavior, which then can be used to filter the setups provided by charts, cycles, and the like. The really good traders understand markets; they don’t just predict them.”

– Brett Steenbarger

Thought of the day…

“The market opened way down the next day, and because I’d been dancing instead of closing out my positions, I was locked in and lost the whole $10,000 in paper profits. From then on, I always fought back the temptation to start dancing before I’d heard the cash register ring. When you feel like doing the mashed potatoes, it’s a visceral clue that you’ve lost your objectivity, you’ve gotten too emotional, and you’re about to go into the shitter.”

– Martin Schwartz

Thought of the day ….

” Stopping out of a position may give the appearance of defeat, but it is not meant to necessarily signal total defeat. While others may see it that way, you must never be fooled. Stopping out of losing positions is the only sure way to maintain survival in difficult conflicts and to achieve the complete victory that is your aim. To learn how to live to fight another day is the best advice that all traders can be given. Not only is it the smart thing to do, but in the long run, the prevention of injury will act as a major building block of total victory. The warrior trader retreats not just to fight another day, but to fight a better day.”

– Clifford Bennett

Thought of the day…

“The market is like a beautiful woman—endlessly fascinating, endlessly complex, always changing, always mystifying.”

– Adam Smith, The Money Game