Words of Philosophy & Psychology---

"We know that the random element in the market represents at least 40 to 60 percent activity. Therefore, it’s not logical to look at every tick or to think that every tick or every chart formation has meaning. They don’t. There are too many traders trying to look at the markets from too stringent an analytical viewpoint. Most of what happens in the markets is meaningless. Why try to interpret every little movement, every little reversal, every little tick? In trying to do too much, they’re actually paying too much attention to the market. You have to keep a distance from the market. Only then will you have the psychological resources to let your profits ride. You won’t be looking at every tick and interpreting it in a fearful way."

--- JAKE BERNSTEIN

mysticgenie, awesome posts with a lot of truth in them.. Thank-you!!

You are welcome!

Show me a Man who Believes he's a Loser & I'll show you a Born Loser.{unknown to me}

Never Judge a Man by His Problems, Judge him by how he handles them. {BMc}

Thank you for your posts and quotations. Although I read "Market Wizards" series in Japan, all these books are translated into Japanese language, so I haven't read in the original.

My favorite passages are, if I remember correctly,
"Never give in－never, never, never, never," ―　Sir Winston Churchill
"Those who hesitate, will lose" ―　Margaret Thatcher
"Buy a straw hat in wintertime"― Japanese market proverb
"Do not let success elate you, even moonlight night with a full moon is only one night"― Japanese market proverb

"Tops and bottoms are only obvious in hindsight. The trend is obvious in real time"

Tell me about it

P.S. Great thread

There are old traders and there are bold traders, but there are few old and bold traders.

be nice to the people you meet on your way up, you might meet them again on your way down.

(unknown to me)

"One should avoid strong drink. It could lead one to shoot at tax collectors......and miss!" Robert Heinlein

There are those who build houses TO LIVE IN and
those who build houses for OTHERS TO LOOK AT.

(unknown to me)

Wonderful friendz!! this thread is really picking up---Keep them coming--- Dear Fumafuma, I'm interested in japanese proverbs, please contribute more to promote cross cultural learning!---

"Easy is to get a place in someone's address book.
Difficult is to get a place in someone's heart.

Easy is to judge the mistakes of others
Difficult is to recognize our own mistakes

Easy is to talk without thinking
Difficult is to refrain the tongue

Easy is to hurt someone who loves us.
Difficult is to heal the wound...

Easy is to forgive others
Difficult is to ask for forgiveness

Easy is to set rules.
Difficult is to follow them...

Easy is to dream every night.
Difficult is to fight for a dream...

Easy is to show victory.
Difficult is to assume defeat with dignity...

Easy is to admire a full moon.
Difficult to see the other side...

Easy is to stumble with a stone.
Difficult is to get up...

Easy is to enjoy life every day.
Difficult to give its real value...

Easy is to promise something to someone.
Difficult is to fulfill that promise...

Easy is to say we love.
Difficult is to show it every day...

Easy is to criticize others.
Difficult is to improve oneself."

"My advice to new entrants to stock market is to approach it only with the help of professional advisors. Otherwise stay out of the business and stay completely away from the market. For novices to come in and try to generate profit in this incredibly complex industry is like me trying to do brain surgery on the weekends to pick up a little extra cash."

--- MARK RITCHIE

"We use technical analysis not because we think it means something, but because other people think it means something. We are always looking for market participants to take us out of a trade, and in that sense, knowing the technical points at which people are likely to be buying or selling is helpful."

--- MICHAEL MASTERS

"I am a firm believer in predicting price direction, but not magnitude. I don’t set price targets. I get out when the market action tells me it’s the time to get out, rather than based on any consideration of how far the price has gone. You have to be willing to take what the market gives you. If it doesn’t give you very much, you can’t hesitate to get out with a small profit."

--- LINDA BRADFORD RASCHKE

Wisdom lies in knowing when, and when not to act.

.........................................................................

The wise person knows that no answer is also an answer.

Say not, "I have found the truth," but rather, "I have found a truth."

--Kahlil Gibran--


"Trouble comes out of the mouth, not into it."

--Unknown--


"To some people, life is just the stuff that happens to them while they're waiting for their check."

--Tom Bodett--

"The average man or woman nearly always wants to buy low and sell high. ...The farmer always wants to sell what he produces at high prices and wants to buy what he needs at low prices. The laboring man wants high wages all the time and low prices for what he buys to eat and wear. This is a violation of a fundamental economic law and it just will not work. To make a success in speculation you cannot expect to buy low and sell high. You will make money when you do just the opposite of what the average man or woman tries to do and makes a failure and loses as a result of what they are trying to do. You will make profits when you learn to buy high and sell low. You must learn to follow the trend in progress. . ."


---WD Gann

"Racers are always looking for the quick and easy way to win. They're looking for the magic spring or the secret camshaft. Those things might exist, but I couldn't begin to tell you where to go and find them. If those things do exist. they won't make you a consistent winner. The people who win consistently aren't wasting their time looking for those things; they spend their time refining the basics and making sure they are prepared."


---Ray Evernham

"Focus on being profitable for the week - Individual trades may go against you and individual trading days can offer little opportunity. As a senior trader once explained to me, for the active trader, however, there are enough fresh opportunities in a week to make it reasonable to set a goal of being profitable for the week. You won't reach your goal every single week, but the mere act of setting the goal keeps you focused. For example, you don't want to lose so much money in a single day that you can't make it back during the other days of the week. You also don't want to lose so much money on a single trade that you can't come back during the remainder of the day. When you really push yourself to be profitable every week, you don't let individual days get away from you. And when you don't let individual days get away from you, you start managing each trade carefully to ensure that your largest loss won't exceed your largest gain. Time and again I've seen a consistent sign of progress among developing traders: they stop digging themselves into holes."


---Brett Steenbarger