Ed Seykota Famous Quotes
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Fundamentals that you read about are typically useless as the market has already discounted the price, and I call them "funny-mentals". However, if you catch on early, before others believe, you might have valuable "surprise-a-mentals".
I turn bullish at the instant my buy stop is hit, and stay bullish until my sell stop is hit.
The trading rules I live by are: 1. Cut losses. 2. Ride winners. 3. Keep bets small. 4. Follow the rules without question. 5. Know when to break the rules.
To avoid whipsaw losses, stop trading.
Pyramiding instructions appear on dollar bills. Add smaller and smaller amounts on the way up. Keep your eye open at the top.
The trend is your friend except at the end where it bends
Systems don't need to be changed. The trick is for a trader to develop a system with which he is compatible.
Trends become more apparent as you step further away from the chart.
If you can't take a small loss, sooner or later you will take the mother of all losses.
Fortune tellers live in the future. So do people who want to put things off.
So do fundamentalists.
Working to anticipate the future can be a distraction from the important task of dealing with the present.
Trend following is an exercise in observing and responding to the ever-present moment of now
Psychology motivates the quality of analysis and puts it to use. Psychology is the driver and analysis is the road map.
Charting is a little like surfing. You dont have to know a lot about the physics of tides, resonance, and fluid dynamics in order to catch a good wave. You just have to be able to sense when its happening and then have the drive to act at the right time.
If you want to know everything about the market, go to the beach. Push and pull your hands with the waves. Some are bigger waves, some are smaller. But if you try to push the wave out when it's coming in, it'll never happen. The market is always right.
Dramatic and emotional trading experiences tend to be negative. Pride is a great banana peel, as are hope, fear, and greed. My biggest slip-ups occurred shortly after I got emotionally involved with positions.
Traders and Surfers both have to deal with feelings of missing out on the small ones, until the big one comes along. They also have to deal with feelings of staying with the big one.
Be sensitive to subtle differences between 'intuition' and 'into wishing'.
In order of importance to me are: 1) the long term trend, 2) the current chart pattern, and 3)picking a good spot to buy or sell.
Everybody gets what they want out of the market
The markets are the same now as they were five or ten years ago because they keep changing-just like they did then
Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.
Luck plays an enormous role in trading success. Some people were lucky enough to be born smart, while others were even smarter and got born lucky.
