“The Internet is becoming the town square for the global village of tomorrow. “
“Your most unhappy customers are your greatest source of learning. “
“Each person is the Chief Financial Officer of his own portfolio for wealth. Take control of family financial activity. If that sounds daunting, it isn’t. Signing checks, worrying over cash flow, and making financial plans; you are doing it anyway, learn what you need to know. What does the CFO do? Reports accurate information. Controls expenditures and earnings. Most importantly, has an economic strategy.
So who is the boss?
Be the captain of your ship. Go where you want to go and have great wealth.”
~ from www.traderdoc.com
“Taking advantage of potential major winning trades is not only important to the mental health of the trader but is also critical to winning. Letting winners ride is every bit as important as cutting losses short. If you don’t stay with your winners, you are not going to be able to pay for the losers. In addition to not overtrading, it is important to commit to an exit point on every trade. Protective stops are very important because they force this commitment on the trader. “
~Michael Marcus, who turned $30,000 into $80 million in 20 years
“My ability to do what is uncomfortable enhances the profitability as I have a willingness to buy a stock on extreme strength following a significantly bullish news item. In such situations, most investors will wait for a reaction that never comes, or at the very least will place a price limit on that buy order. I also realize that if the news is sufficiently significant, the only way to buy the stock is to buy the stock. Any more cautious approach is likely to result in missing the move. In a similar fashion, one should also be ready to immediately liquidate a holding, even on a sharp one-day decline, if a negative news item has changed the outlook for the stock. The rule is : Do what is right, not what is comfortable. “
– RICHARD DRIEHAUS
“A room full of contrarian thinkers is a crowd.”
Never use contrarian thinking as an excuse to trade against price and trend. A true contrarian thinks independently of the crowd, not simply contrary to it. Focus on what you see in price and trend, and ignore trying to outsmart the market. Trade with the crowd of technical signals in the chart—they have gathered in your trading room for a reason.
“Put the trade on right; then you relax, and let the trade work.”
“In trading, you win by not losing.”
If you can’t manage your risk, it doesn’t matter how much you know about trading. Most people underestimate the emotional pain associated with big losses, and few beginners are prepared for the stress of making decisions with money on the line. Understanding how to mange risk, use leverage, and manage trades is essential to successful trading.
– Dr. Charles Schaap, traderdoc.com
“You can’t predict when it will happen, and you can’t trade it after it has happened; so you must recognize when it happens.”
“It’s better to prepare than predict.”