Trading Wisdom

Think in dollars, quickly calculate transactions in terms of dollars, and you will get a better sense of the action of the volume if you do this. - Humphrey B. Neill

The 'obvious' rarely happens while the 'unexpected' occurs constantly.

Buy the first pullback after a new high. Sell the first rally after a new low - Linda Rashcke

There is no training ― classroom or otherwise ― that can prepare for trading the last third of a move, whether it's the end of a bull market or the end of a bear market. There's typically no logic to it; irrationality reigns supreme, and no class can teach what to do during that brief, volatile reign. The only way to learn how to trade during that last, exquisite third of a move is to do it, or, more precisely, live it.
― Paul Tudor Jones

In trading money flows from the ones having an Opinion to the One having an Edge - Steve Burns

The best trading reversals occur in the morning, not the afternoon. Afternoon strength or weakness should have follow through the next day. - Linda Raskcke

Try to capture 70-80% of the Upmove and Lose 30-40% of the down move. - Martin Taylor

The market contains two types of traders.

The first are news watchers who witness the gradual diffusion of news. This leads initially to short-term price underreaction in price movement, which is later reversed.

The second type of traders use momentum to take advantage of the profits left behind by the news watchers. They jump on he momentum bandwagon once it gets going in order to profit from the continued diffusion of information. This is how initial underreaction is later followed by delayed overreaction, with investors chasing after returns.

Everyday Life sends You Little Windows of Oppourtinity; Your Destiny is ultimately Defined by 'How you choose to respond' to those Windows of Oppourtinity. Choose Wise; Play Big; Live well.

Trading wisdom is so important in order to be successful, but most importantly learning disciple and patience is key. Having a sound trading phycology will determine your success

“I do not believe such a quality as chance exists. Every incident that happens must be a link in a
chain.”
Benjamin Franklin

“Look,” began the spokesman when the door closed, “the Grain Fu-
tures Administration has made a complaint that you are carrying
too much open stuff.” It would be hard for me to make anyone other
than a La Salle Street trader understand how I felt then, unless it
might be some Russian farmer who has tasted the bitter flavor of
government interference in matters which should not concern it.

—Arthur W. Cutten and Boyden Sparkes, “The Story of a
Speculator,” The Saturday Evening Post (November 17, 1932)

If you know your enemies and know yourself, you will win a hundred
times in a hundred battles. If you only know yourself, but not your
opponent, you will win one and lose the next. If you do not know
yourself or your enemy, you will always lose.

Sun Tzu ca. 512 B . C

To know that we know what we know, and to know that we do not know what we do not know, that is true knowledge.

Copernicus

i like that man thank you, humble, but confident in our humblings thus far, enough to say we've learned something, but something incomplete. A spiral we are simply a part of but one we never actually created and thus one we will never truly know

Keep your ego & emotions aside and then analyze charts and you will see it from different perspective. It doesn't matter whether you missed a trade or you win or lose. Observe price action, make your notes and prepare yourself for the next opportunity. Study every day with the aim of being better today than you were yesterday.

We’re not going to play a winning hand every day. You have to be okay with wins and losses. You can't just be looking for the wins and, when the losses happen, You quit trading. No, successful traders accept losses and learn from them.